If this happens, then let's hope they do it right by restoring an IP rather than trying to work with the negative.
The last thing fans of the OOT need is some kind of botched attempt to restore the film from the negative.
Think about it: How likely is it that the team working on the restoration would know about, e.g., the new optical wipes done for the 97SE by Pacific Titles?
The lowest generation source for the original-original-trilogy is an IP. Period. The. End.