1. That would be a huge amount of work to go through hundreds of episodes and edit them to suit someone's subjective definition of a well-paced show. Yes, a lot of anime were edited/spliced/merged/what-have-you in the 90's, but that was when the industry was more prosperous, they were still figuring things out, and they had to cut things for the censors. And as for 4kids, well...they were 4kids. I think they kinda got off on it.
2. However good their intentions might be in such an endeavor, and even if they did it well, you know there's gonna be backlash from the anime purists.
The only time I could see this happening is whenever One Piece finishes airing, Toei could do a "One Piece Kai" 10-15 years down the road, but we're too far away from that right now.