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Please check out the following sentences. Which is acceptable?

(1) At the wedding banquet, Peter was so excited because he saw many old friends who have not seen for a long time.

(2) At the wedding banquet, Peter was very excited because he met many old frinds who had not seen for a long time.

In #1, is the adverb "so" acceptable? If it is replaced by "very", will it be better?

In #1, is the verb "saw" natural? If it is replaced by "met", will it be better?

In the adjective clause "...who have not seen for a long time", shoud the auxiliary verb "have" be replaaced by "had"?
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(1) At the wedding banquet, Peter was (very) excited because he saw many old friends who(m) he had not seen for a long time.
(2) At the wedding banquet, Peter was very excited because he met many old friends who(m) he had not seen for a long time.

Both OK now.
Comments  
I have underlined the problems:

(1) At the wedding banquet, Peter was so excited because he saw many old friends who have not seen for a long time.
(2) At the wedding banquet, Peter was very excited because he met many old friends who had not seen for a long time.
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(1) At the wedding banquet, Peter was excited because he saw many old friends who he had not seen for a long time.

(2) At the wedding banquet, Peter was very excited because he met many old friends who he had not seen for a long time.
 Mister Micawber's reply was promoted to an answer.