Okay, first I have to say that I really respect the work and the heart that goes into making a fan-edit like this. It's super difficult to try to turn such a bad film into something that fans will enjoy. So it's with that in mind that I offer my feedback.
Sadly, this edit totally didn't work for me. I appreciate the intent to make it "as close to the comic book as possible", but the material available just doesn't lend itself to that. In order to make it a good FILM, all the wrong things are cut. There are really quite a lot of setups and context deleted, as well as conversations that add depth to characters or develop the plot. What we're mostly left with is a string of "this happens, then this happens, then the next thing happens..." It's just all events with no reason for us to care and nothing to pique our interest.
Havok1977 mentioned reducing "over the top moments" but there are still 100s in here. The movie is virtually non-stop cheesy, unbelievable action moments, from Wolverine using his claws to turn his bike to Zero flying/jumping up into a passing helicopter to Gambit turning his staff into a helicopter... There are also tons of cheesy cameos as fan service that would be better cut out, from Storm as a child being in the same village Wolverine's adamantium comes from to an early X-team being assembled by Professor X to a bookend added in with Professor X that accomplishes nothing.
An additional issue with this edit is that the polish just isn't there. There are multiple occasions where there are very abrupt visual edits and hard audio ins and outs. As fragmented as the narrative already feels with the removal of a lot of dialogue, it feels downright jarring combined with the edits. The film really has very few stretches with any sense of flow or where any tone is created. When it is there, it's for an action segment, and the tone is "big cheesy green screen scene".
It's probably impossible to make a decent film out of this trash script and poor direction. But if it were to be done, it wouldn't be by being a slave to the comics, which have gone back and forth on Wolverine's backstory so many times I can't count. It would be in attempting to create a film that cuts out the cheese and leaves in the character moments. This is the total opposite. I see that it was enjoyable for a few others, which is why I gave it a shot, but it was just not at all what I was looking for. Apologies again to the editor, that's just my taste.