I made a quick resize and color correction just to see what it looks like.
[top - Centropy SVCD] . . [middle - Centropy fixed up] . . [bottom - HDTV test]
It looks do-able, but it looks like to be a Disney-style locked & filled-in background plate. Movement of the “hand” from set photos might be done link-by-link (twists, turns, perspectives), frame-by-frame. That would take quite a long time, unless someone figures an acceptably looking shortcut.