Here's what I'm doing now.
I'm in the middle of rewriting the whole of Red Pegasus. Yes, I am starting from scratch, improving the countless grammar mistakes and basic vocabulary.
The storyline is exactly the same, except one thing, instead of Twilight reading random novels from Rarity, she reads a fresh set of spell books given as a present from Princess Celestia.
I will be updating it, and adding a new chapter in around a week or two.