The single edit doesn't solve the issue as it just lops the last few minutes of the song and maintains the repetitiveness of the final section and the song lose the dramatic progression.
The first minute (train?) sound effect would be compressed to about 5 seconds length and go straight to the beginning piano lick (1:13). I'll leave the build up with the bass entrance, entrance of palm muting guitar and drumming over the next fourty seconds would be maintained. Slow build up of the instruments and a growing layer of riffs is what makes the song interesting.
1:52 to 3:17 is basically a repeating riff with minimal variation. I like the riff and the keyboard lick but this can be edited down to 5 bar of music (8 seconds) without much loss
I'll then cut out 3:18 to 4:50 of the vocal sections
The reason is that the melodic line in "Here are we, one magical moment. Such is the stuff, from where dreams are woven" sounds incredibly ugly to my ears and doesn't benefit the song
The vocal entrance should start at the 4:59 with the "The return of the Thin White Duke
Throwing darts in lovers' eyes
The return of the Thin White Duke
Making sure white stains" (note I omit the real vocal entrance 4:50 to 4:59 to avoid repetition of the line)
This go straight to this following section "Once there were mountains on mountains
And once there were sun birds to soar with
And once I could never be down"
I'll cut out "Got to keep searching" (remove 5:29 to 5:38) and go straight to "Wonder Who".
Then I'll cut out 5:43 to 5:55 and go straight to the "Drink, drink, drain your glass, raise your glass high"
6:02 - 6:25 will be kept with the famous "Side effects of the cocaine". However 6:25 to 7:40 will be cut out. After the "The European canon is here' this will go straight to the guitar solo (7:40 to 8:24)
8:24 to 8:50 edited it out
When the solo finished the song would go directly to "I Must be only one in a million" and the last minute and a half will remain the same.
This will result in a 4 minute song.
if you want to cut it down to a 3:30 to 3:40 song for further concision. The song could edit out the last "Should I believe that I've been stricken, does my face show some kind of glow" and the following it's too late section (9:12 to 9:37) could be edited out as well
This hypothetical edit you will maintain the dramatic structure of the song while cut out the fat.