Jackson got the tone so wrong and completely lost focus of the fact that the movie was supposed to be about Bilbo so often that it's hard to imagine any kind of editing could "fix" the movie.
I put "fix" in quotes because by that I mean "make more like the books". The movies were ok on their own
Even the way the films were directed was bizarre. Like, when I saw the troll scene the first time? My thoughts were "no amount of editing is going to fix this."