It works perfectly!
Unfortunately I don't think there is a way to re-compress the files...yet
even so this opens up the modding doors, alone with models there is textures, sounds, maps, costumes, weapons, animations, xml files that govern almost anything!
I even found a few easter eggs I think, there is a Jar Jar frozen in carbonite, a Nexu, Acklay, Reek, Krayt Dragon, Dianoga, Ewok. Were they working on them and then stopped?, are they in the game?,
Even so going threw the extracted files is like Christmas, thank you, thank you, thank you.