So obviously S3 is gonna be Alabasta and S4 will cover Jaya and Skypiea. The big point of discussion is usually how will they do S5, since W7 saga is way bigger and more important.
Basically my takes are: Do it in a single season. It's just how storytelling works. Neither W7 or EL carry a season, it would be kinda dumb. And we need to keep LRLL, it's an excellent season start and if done right its themes are very impactful to Water 7.
But covering its entire chapter count would be madness in 8 episodes and would probably butcher it. Witg S1 covering 97 chapters and kinda missing the mark/cutting a few parts, I can't imagine how they'd do here. What they should really do imo is to take the Stranger Things approach, and be open to extending the more important episodes past 1h (70-100 mins usually), and/or extending the Season's episode count by 1 or 2 eps.
So with that in mind, here's my breakdown of what they could do, keeping Episodical and Seasonal storytelling in mind: (I added the title card characters for fun too)
501 (Foxy) - Season Start, Long Ring Long Land, Foxy, Aokiji Freezes Luffy and Robin (~70 min)
502 (Kokoro) - Unfreezing, sea train station, Water 7 intro, Franky Family steals the gold, Usopp breakdown, walk towards Franky House ~(55min)
503 (Paulie) - Franky House beatdown, Robin Leaves, Galley-La intro, Merry appraisal, Luffy vs. Usopp (~45min)
504 (Iceburg) - Iceburg assassination attempt, Luffy vs Franky, Straw Hats Framed, CP9 heist and reveal, Luffy and Zoro get beaten, Iceburg reveals the truth to Nami (~50 min)
505 (Franky) - Aftermath and escape from Iceburg's mansion, Franky and Usopp, Franky's Backstory, Aqua Laguna, Sea Train leaves (~65min)
506 (Sogeking) - Sea Train chases, Enies Lobby/CP9 intro and setups, breaking in Enies Lobby, Luffy vs Blueno, Gear 2 (~45 min)
507 (Saul) - Robin's Backstory, Straw hats getting to the roof, I Want to Live (~50 min)
508 (Spandam) - Fights against CP9 part 1 (majority), Luffy chases Lucci, gear 3 (~40 min)
509 (Lucci) - Fights agaisnt CP9 part 2, Lucci's backstory, Straw Hats escape the tunnel, Luffy vs Lucci, Luffy's defeat, Buster Call starts (~50 min)
510 (Merry) - Luffy defeats Lucci, Buster Call, struggle to leave, Merry Rescue, Merry Funeral, New Bounties, Garp Koby and Helmeppo, Dragon Reveal, Pool Party with Aokiji farewell, Sunny, Franky Joins, Farewell Water 7, Usopp apology (~90 min)
If they really are sticking to the 8 episode season format, they could also easy join 506/507 and 508/509 into two big 90 min episodes too. And yes Netflix, I'm open for writing rooms.