It is difficult to rewrite Sophocles' work because it's truly a great work of literature.  I think that his ordering is effective because it compels the reader to better understand what is transpiring and the manner it does.  Presenting the action "in the middle" and not presenting it in strict chronological order does allow for trusting the audience with a level of intelligence and insight, the very elements that are stressed in the play.  In this light, there is convergence between what is being offered in the play and what is expected in the audience.  I think that the fact we learn of Oedipus' life and understanding through the dialogue works well, as it is more valid of an expression of reality.  This is not something of religious quality that is told from a third person omniscient nature of narrator.  Rather, this is something told through revelation and epiphany, something not as much scripted but lived and experienced.