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An exercise I use with my high school Honors seniors involves the length of the play. To my knowledge, even 400 years ago, Hamlet was rarely, if ever, performed in its entirety. I took the idea from the Shakespeare podcast No Holds Bard to cut this four hour play down to a two hour Shakespeare in the Park style performance. To cut the show in half, they have to cut the lines of their assigned scene(s) in half without losing the focus of the story.

Much of this will hinge on the themes and ideas you want to focus on. Do you want to keep Fortinbras? How much of Rosencrantz & Guildestern do you want? How much of the players should you keep?

The podcast has an episode where they demonstrate how they would do the editing, but they do it with the balcony scene from Romeo & Juliet.

I know your time is limited, but you could consider having them perform their edited scenes if you are also addressing the performance end of this.