Machete order works very well. A New Hope (IV), Empire (V), Attack of the Clones (II), Revenge of the Sith (III), then Return of the Jedi (III).
Pretending Phantom Menace gets rid of beardless Obi-Wan, midichlorians, Jar-Jar hate, Jake Lloyd, and keeps the Vader/father reveal intact. I guess we lose Annakin building…