I would not do without the archival budget re-release of Charles Munch directing the Boston Symphony orchestra.
Then more current but not fully 'recent,' Pierre Boulez, Berlin Philharmonic.
Both have a perfect control of the overall tempi in ratio for the entire piece, and some of the most remarkable control of dynamics, again, in relation to the entire piece.
I'm with you on the full-length ballet. Its not the same, no matter how well re-orchestrated by the composer, in suites one and two. The big deal is no chorus, which in this work IS removing a entire and very important section of the orchestra. Certainly one of Ravel's handful of true masterpieces.
While you're here, so to speak, I'd like to strongly recommend L'enfant et les sortileges. There are a number of recent recordings, many I'm certain quite good and great. However, There is another archival recording, great sound, I would not do without: Lorin Maazel conducting the French Radio orchestra on the DGG label. It is a magical piece.
Best regards.