I know it's not the most popular choice, but how enjoyable would the movie be when you keep getting pulled out of the movie every time a scene is cut or altered, or a character is missing or combined. It's going to happen. Hollywood can't take a 300 page book and make it into a movie without cutting and changing scenes, without altering characters. With a book the size of EotW it's hopeless in my opinion.

I know this would never happen, but if it was up to me I'd tell the story of Lews Therin perhaps, or maybe tell a new story all together with a different cast of characters.

You could remain true to the WoT world without the distractions that would come with "chopping the book to pieces". If they want to tell Rand's story then they should do a mini-series, otherwise I think telling a new story is the best way to go.