This edit falls far short of what it promised. Oh god, it sucks. Like the Famicom game Final Fantasy II, the story was thought of before other important elements, like continuity and music.
The music is a mishmash of various Star Wars themes put in without thought. When rescoring a Star Wars film, use themes that thematically link the film with the OT or other installments. Using the Funeral Pyre music for a simple conversation is just wrong, as that theme symbolizes the OT coming full circle as Luke set Vader's armor ablaze on Endor, and there are other force theme renditions you could have used. You should have just left the music mostly as is from the vanilla TPM.
While the idea of a restructured narrative is a good idea, I feel that creating new subs while using foreign dub track audio is the only way to remove the awful dialogue from the original Phantom Menace.