Changes should be on deepest level - words/ phrases. Rephrasing alone is not enough if the words used are exactly same.
Also, to get most bang for SEO campaigns/ traffic, I'd try avoiding having content that is 're-written' from just 1 source. I would use many sources and sort of give a 'new take' on this newly merged comprehensive consolidated content piece. As I mentioned in another post, this huge content piece with a "new take" leads to your article being considered original and unique, and it also adds to likelihood of it attractive a lot more links than just a re-written piece would.