'For your consideration' screeners are generally done as low-quality online screeners through Withoutabox, or on DVD. If your film is selected, you provide a screening copy. The higher profile festivals often only accept DCP or 35mm print for screening, some also accept HDCAM.
I would never submit a 'work-in-progress' or 'workprint' to a festival, and have never once heard of them requesting edits for acceptance. Festivals like Sundance receive 10,000-20,000 films per year, if there's one where the edit doesn't work, they'll simply move on to the next one. There are so many amazing films that don't get selected every year - they're not going to spend the time requesting different edits from you, when they can just as easily use another film.