First I actually really like the idea of Pitt as Thor. And second, here's my idea for the movie.
I think it's important to have Donald Blake and stick to the marvel view of things cause otherwise what makes it a superhero movie.
Act 1:
The movie opens with a huge battle scene. Very epic fight between the asgardians and the frost giants or goblins or whatever. After the battle asgard has a feast. Thor is an arrogant prince who behave very dishonorably to their enemies and to fellow warriors. Odin is not pleased and is very worried about his son being a just king in the future. So he decides to have his son learn humility on Earth. Must to the dismay of his current girlfriend Valkyrie (is it?) but to the pleasure of Loki, He locks away Thor's memory and attaches his soul to that of a crippled infant who had unknowingly died. So Thor grows up as Donald Blake. Odin Decreeing when he is ready the mjolnir will find him
Act 2:
At first he was an angry child, feeling as if he didn't deserve to be crippled. But thanks to a loving mother he learns how to be a good person and dedicates himself to helping others, doing charities and eventually becoming a Doctor. He falls in love with a woman (I forget her name). And at one point They both decide to visit europe (forgive me that I'm not certain what country the thor myth originally comes from).
Meanwhile Loki has been scheming to take over Asgard. And enacts his plan during Odin's sleep. His first attack is successful and he drives the Asaguards out of their kingdom and traps Odin in his sleep. but he fears Thor may return and reclaim the kingdom. So he sends monster to kill Donald Blake. Donald flees into a cave and finds his hammer and becomes Thor and defeats the monsters.
Act 3:
The Asaguards travel to Earth to get Thor to lead them. Loki sends a massive force to Earth and an epic giant battle ensues in the modern world. A battle which eventually leads back into Asaguard Where Thor defeats Loki, locks him in the room with no doors, and revives his father who decrees that Thor has learned how to be a great warrior and a just ruler and welcomes Thor back to to his home. but Thor wishes to remain on Earth for at least for the remainder of Donald Blake's life time, because he is in love with a mortal woman and feels he can do great good for the humans. Odin is disappointed, but also proud and gives his consent.
I love the story of an arrogant god learning the value of humanity. This also can really set up the Ultimates version of Thor for the Avengers, which I think is a much more interesting version for the team movie. Since Thor would not be a guy fighting petty crime in New York, but want to help people who are oppressed all over the world, not so much as hippy as the UU Thor is, but still have that conflict.
As for how I picture Thor looking, I would like the UU version with a more ancient warrior look as opposed to modern clothing. Having a beard, wearing the cape and helmet only in Act 1 and having the 616 version hammer.
That's just what I'd like to see