We are such fans of Bunyan's Pilgrim's Progress around here--my dear husband has read it to the children three times, and every time we glean something new from it!
This is why I was very happy to find out about Little Pilgrim's Progress from Moody Press.
This book was written to be read easily to younger people, but I found as I was reading it that the original intentions were all in tact, and so it was meaningful even for me!
This is not a modern re-thinking of a text, so out of touch with the original to make it useless. Helen L. Taylor wrote her version 60 years ago, and she was careful to keep to Bunyan's ideas.
You can find the book in paperback form from Christian Book Distributors (when I looked it was under $7!) The Adventure Guide is not necessary, but it might be a fun way to explore the book. It is filled with vocabulary exercises, charts, diagrams, and Biblical applications (I found that it actually cost a few pennies more than the book on CBD, which was surprising).
If you are looking for a good allegory you could read aloud during family devotion time, this could definitely be the answer--I am looking forward to reading it to my own Little Pilgrims!