Just a quick update, yes, the all-nighter happened, I logged a total of 7 hours of editing time yesterday, and was at it until 2:30 this morning (technically 1:30 because of the time change, not quite sure yet how I feel about that).
I made some BIG changes last night, I actually axed a rather significant segment that I'd taken for granted would be in the film. Last night though, I realized it was disrupting the flow of the story, so I moved it over to the bonus section as a featurette. I believe the body of the film is at about 2 hours 30 minutes right now, with about two hours of bonus clips lounging around in very shabby form.
What I don't comprehend is why I feel so totally awesome this morning after a night with about 5 hours of sleep. Maybe I should do it again tonight!