This is about preserving the theatrical experience, which the Blu-ray and 4K UHD might not provide (the Blu-ray certainly doesn’t).
We need to see how the film looked on the original version (the prints). That my friend, is the original look of the picture. That is the purpose of this project anyway.
Now, if funding is available and the final bid isn’t too much, this might be grabbed.
Nothing is certain, for now.