Great concept. Everyone would pack into the movie theatres for it.
The prequel could feature the guy that betrayed Indio and possibly a subplot as to why Sancho Perez ended up behind bars.
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As already mentioned in the thread, the comment by Clint that he is going to buy a little place and settle down sounds really awkward. 
In FOD he is a drifter with a mysterious past, he knew someone like Marisol once, and he doesn’t admire peace since “it’s hard to like something you know nothing about”, as he says to Ramon.
In FAFDM he is a rather ruthless bounty hunter, but we learn that he dreams of eventually having a ranch or something like that.
In GBU he is more of a con man who teams up with Tuco to collect rewards over and over, but after a while he doesn’t think that Tuco will ever be worth more than 3000 dollars.
The character is obviously the same, with some variation, but the films are of course not sequels, but FAFDM is the weakest film of the trilogy.
You also mentioned that Lee van Cleef looks much older than Clint despite not being that much older in reality. They probably made him look older in this film since he played an older character, Colonel Mortimer. Van Cleef looks younger as the Bad in GBU.
You and I see things completely the opposite.
FOD is the weakest, by far, imho because it was a complete rip off of Kurosawa. I hate plagarism.
GBU, while a classic, was Leone’s ego driven attempt to be thought of as a master. It would have been even better with a bit of useless bits cut out. (Not a popular opinion around here on my part though).
FAFDM, to quote Goldilocks, was juuuussst right. Leone did everything right in that film and it is his best film.
Just my opinion. 
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I like the Catholic stuff in FAFDM. The bandits hang out in an abandoned church. Indio standing in a pulpit. The church organ in Morricones piece La resa dei conti. 
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Does anyone out there have both the US and the Italian 4K UHD of this, I wonder how they differ (transfer, colors, cuts…)