The first post of this thread has pretty much everything you’d need to know about the project. Short answer is yes, this is ‘just’ a regrade, and it is going to be the basis of Harmy’s 3.0.
@Stotchy: What Towne said. Though I’m thinking of keeping some of the inconsistency of the film sources in the preliminary grade of Reel 2, since some of my final grades are extremely consistent across scenes, to the point that it looks like a modern movie. Star Wars was always inconsistent from shot to shot, and perhaps Reel 2 should reflect some of that.