I mean, they kind of did this with the Lord of the Rings theatrical and extended cuts.

1 - 178 minutes (2 hours, 58 minutes) / 228 minutes (3 hours, 48 minutes)
2 - 179 minutes (2 hours, 59 minutes) / 235 minutes (3 hours, 55 minutes)
3 - 201 minutes (3 hours, 21 minutes) / 263 minutes (4 hours, 23 minutes)
Total 558 minutes (9 hours, 18 minutes) / 726 minutes (12 hours, 6 minutes)

Of course, that was adapting a beloved book of well over 1,000 pages.