First of all disclaimer, I'm in no ways a proper filmmaker. I've had film courses at my university, but we only analyzed movies. I do am an avid watcher of Film Riot, which you might want to watch too. And I have recently started to edit more of my videos (capturing is easy and fun... but editing...).
Mh. I reckon you could trim maybe 5-6 minutes from the video. Give it some speed. You don't have to be Michael Bay here, but I'd say try to keep the length of shots down (say 10-20 seconds perhaps, if there is repetition less?). That's something I struggle with... I hate trimming down my videos.
You can do longer shot, but usually only if there is really interesting stuff going on, and even then you might want to cut in other footage. Think about movies. Say the character wants to drive to his ex-wife to pick up his kids for a day, and it's a 3 hour drive. You might give some shots of him grabbing a toy, then him leaving the house. Next shot is him getting into the car. 5 seconds of driving here, 5 seconds driving there, and he pulls up to the house. Next shot his finger on a door bell. Try to give us what is essential. Also, an establishing shot wouldn't hurt. I might want to shoot a wide angle shot of the whole scene, then a shot of the tools as grispie suggested, then the start of the work. Show steps, not the whole process. Oh yeah, and there's something like 20 seconds near the end (plus some more in between once in a while) where all we see is a blurry head, or hand. Not really needed.
What I usually try to do in Premiere is watch the footage and select the parts that I want (i.e. using the { } buttons). Stretches where little happens get thrown out unless I really want them. I'll add those selected parts to the timeline. Then I watch the edited video. Do I feel bored at some point? Do I think something is unnecessary? Cut out. Try to get a nice flow perhaps, especially if you're cutting to music. After that I'll try to match the shots in color temperature and brightness/contrast, at least where it makes sense (if you switch from indoors to outdoors it can look different of course). Make them reasonably neutral. After that you can try to give it a nice look. FilmConvert is pretty nice if you want to get more cinematic, as it emulates how 35mm film looks like.
Activate the SR on the K-5 if you haven't, and deactivate it on the K-3. The K-5 makes for a great handheld camera, while the K-3 needs a tripod (or similar) for good video.