I sent the following privately to barhar, but never heard back. Now I am opening it up to a wider audience.
I communicated with Ernest Farino, the publisher of Ray Harryhausen: Master of Majicks books (http://archive-editions.com/), who had a 16mm of the film at one point. He said that the DVD is the original take, not the German satellite TV. He also believed that the "reveal" occurs in the original take. I am not so sure even from looking at the recent BD release.
Ernest Farino wrote, "The comment on the IMDb is incorrect-- the hair falling down is her real hair. At the time that Sinbad is carrying her, her hair has been swept up around her neck by the wind. When he sets her down and she stands and straightens up, that strand of hair simply falls down over her chest in a normal fashion. There's no digital enhancement. The hair happens to fall right over her breast, so it's easy to assume that it's a digital "add on" for coverup purposes. But it's not. The hair falling down is exactly how it was in the 16mm print I owned back in the late 1970s."
Anyway, he is busy trying to publish the 2nd edition of the Majicks set and is unable to research this further. Is there anyway to obtain a copy of the German satellite TV version? I am curious if there are other differences. I will follow up Ernest afterwards.