This is from the Red Menace Tumblr:

RED MENACE Tumblr said:
Godzilla 1985 - 1080p version update

I’ve begun working on the 1080p version of Godzilla 1985. I’ve ripped the uncompressed video track from the Kraken Blu-ray of The Return of Godzilla and added it to the project file, where I’ve boosted the contrast and performed a bit of white balance adjustment to alleviate the mediocre black levels and slight green tint of the Toho transfer. From here, I’ll be approaching the rest of the reconstruction in a slightly more organized fashion than I did for the 720p version, making a few separate passes over the project:

The first pass will consist of synchronizing the 1080p video with the existing 720p version. I’ve already begun this step; it’s a lot easier having already done it once, and I’ve gotten through the scene of Maki and Okumura being rescued from the fishing boat, which probably took me less than an hour. (I may also replace the stock footage from Godzilla, King of the Monsters! using the Criterion transfer.)
The second pass will consist of re-working the “patches” from the Monsters HD transfer that I used to cover various titles, captions and location supers in the Japanese version. This will mean re-aligning some of them and adjusting the colors somewhat, since unlike the 720p version I’ve actually done a spot of color correction on the Japanese source.
The third pass will be completely re-doing the subtitles on the Russian dialogue. I’ll be using a rip of the Australian VHS that contains the original theatrical subtitles as a source and as a reference for the position and timing. (I’ll also be using similar means to more accurately recreate the “100 MILES SOUTH OF TOKYO” location super.)
The final step will be applying film grain to the entire project, which will hopefully lend some consistency to the visuals as the video switches between SD and HD sources. This won’t be a cheap, default video effect; I’ll be using the same stock 35mm grain plate I used on my Destroy All Monsters project.

After that, I’ll probably be making two separate renders of the finished project. One will be an MP4 file in the original aspect ratio that’s encoded at a somewhat lower bitrate to keep the file size down (basically designed for convenience), while the other will be an MKV file encoded at a similar bitrate to the original Blu-ray source, using the appropriate codecs and dimensions for Blu-ray burning (I’ll probably include chapter stops as well if I can figure out how to add them).

I’ll keep you guys posted on my progress!

Sounds great!