The 80s UK home video release is the same as the theatrical cut, with the scene of Wolfgang and Ben towards the beginning. I recorded this version in HD (1080) from Channel 4 during Xmas 2015. The closing credits featuring Robert Picado’s stand up routine have been time-compressed and cut down.
So it would appear that the version you recorded is 99% the US theatrical cut (minus the credits). I guess this version is also on Netflix. Hopefully the Netflix version has the correct credits, and this scene (taken from Wikipedia):
Originally before the end credits, in the theatrical cut, the alien Wak “broke the fourth wall” and remarked on people who were still in the theater from the smell of popcorn. In the re-edited home video version, he just tells another joke before it cuts to the closing credits.
So it seems no directors cut is possible, but, in theory, a seamless-branching Blu Ray can be created (if the correct credits/ talk to audience scene(s) are found/ upscaled, with four cuts of the film:
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US theatrical cut (Two scenes not in previous US video releases: where Wolfgang has an encounter with Steve Jackson’s gang of bullies and a brief bit where the boys chase the Tilt-a-Whirl ride after they push it up a hill. Without the brief sequence at the end where Ben daydreams about the Thunder Road ship, and with the correct 4th wall/ credits scenes.)
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US home video cut (opposite of the above)
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UK cut (same as US theatrical, except 4th wall scene and credits, I think)
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Extended cut (all of the scenes restored, probably even the 4th wall thing AND the replacement joke)