I'd rather make a PHB 2 compiling the extra base classes from OA (updated to 3.5), Eberron (the Artificer), the MiniHB, and the Complete line, and the new races (Goliath, Illumian, Raptoran, plus the four Eberron ones). The aim would be to allow an alternate, and weird, D&D that would not use the races and classes from the PHB 1.
But for a Director's Cut PHB...
I'd add the Hexblade, Warlock, Sohei, Scout, Healer, Marshall, and Warmage.
No new race, though. We don't have enough room for them.
Compilation of the spells from the Complete and Races of added.
In fact, I think for a proper director's cut, I would reorganize the three core books into four or five.
1. Player's Handbook: races, classes, feats, skills, core rules. Contains psionic classes and Eberron/OA/Mini/Complete classes.
2. Dungeon Master's Guide: as the current DMG, without the magic items, but with many more prestige classes. (One or two from each of the Complete books, the EPH psionic PrC, and most of the Races of PrC.) Would include the Magewright NPC class, and maybe a psionic version of the adept as well.
3. The Tome of Magic. Spells and magic items, plus psionic powers.
4. Monster Manual: Mundane & Magical (with monsters sorted by creature type, with Animal, Construct, Dragon, Fey, Humanoid, Giant, Magical Beast, Monstrous Humanoid, Ooze, Plant, Undead, and Vermin chapter). Would have an appendix with nature ally table and ready-to-use stat-blocks.
5. Monster Manual: Otherwordly (likewise, with Aberrations, Elementals, and Outsiders.) Appendix with summon monster tables and ready-to-use stat-blocks (notably for celestial/fiendish/axiomatic/anarchic/pseudonatural/etc. versions of critters).
