With the recent news that the LWGP is now up in the air I feel that Zuffa/Fertittas should definately now take this path. It allows for a GP format to take place whilst crowning new champs at the new weights and if over three events fighters would only fight once per night, with 2 separate 8 man GPs. Even without the option of a UFC rep in each GP they should still use the same format.
PRIDE should change the former 16 man 161 pound LWGP into two 8 man GPs to crown new champions at both the new weights. The other weight classes are close enough to their NSAC counterparts to warrant keeping the champions and title picture the same.
However 155 and 170 will need champions and the best way to do it is to hold GPs for each. This would somewhat go along with the original plans and allow for them to hold the standard Total Elimination, Critical Countdown, Final Conflict setup whilst giving everyone a chance to get to terms with the new weight classes and the fighters in each.
UFC could send a representative for each GP or not it does not really matter the format would work either way, although it would definately be more interesting to have one rep per GP.
IMO this would be by far the best idea right now:
8 man 155 LWGP for the smaller PRIDE LWs with possibly a UFC rep.
8 man 170 WWGP for the bigger PRIDE LWs and possibly smaller PRIDE WWs with possibly a UFC rep.
Everyone E-mail Zuffa this idea if you like it.