Wow. I decided to take a look at this, which I posted long ago, before Muppet Wiki was even launched. I counted my own wishlist contents for the discs of the theoretical first volume... And they are all smaller than the contents of disc 1 of the 40th anniversary set (interesting; I feel like a lot of later DVD wishlists that I've posted were significantly bigger).
Of course, when I first thought of this list, Sesame Street had it's block format for four seasons. Most of the stuff that was initially included daily/ semi-daily were still on the show. Somehow I feel like wishing for something like this to include EVERYTHING from the daily formats on each disc would be hard.... As can be seen here, I'd also want each disc to include one Sesame Street News, waiter Grover, Super Grover, and Monsterpiece Theater segment (until supplies runs up). It might be hard to balance those and Number of the Day/ Letter of the Day/ Spanish Word of the Day/ Journey to Ernie/ Global Grover/ Elmo's World AND the recently added Murray Has a Little Lamb, Bert and Ernie's Great Adventures, and Abby's Flying Fairy School, plus several additional sketches (especially when trying to fit in every recurring character and recurring sketch on at least one disc).
And one thing I noticed is that when I put multi-part sketches on this theoretical set, I only listed them once, as opposed to listing when each part would occur (I would have put sketches between each part). A lot of these have fan-made titles or titles that I thought were accurate at the time (The Number Painter instead of The Mad Painter, Jazzy Spies instead of Jazz Numbers, etc.). I listed the Bert and Ernie "Banana in ear" sketch as "The Banana Sketch" (which is how it was listed in Sesame Street Unpaved).