I think they ought to do the last module of the slavelords series. IIRC, that's the one where everyone starts out captured and without equipment and has to escape. It's a simple plot even people who aren't familiar with the various D&D tropes can instantly understand and relate to. It can be done in two hours. It doesn't require much beyond the dungeon itself for sets. Costumes and props ought to be pretty simple. That leaves more of your budget for special effects for spells and one or two special monsters.
Seems like a good idea to me, anyway.
If they do ToEE, I think they should just do the Village and the moathouse and keep the rest for sequels, though I suspect they'll condense things so that the temple is in the moathouse.