I’m not aware of any LD release beyond the 1992 version, I would have definitely bought it. I did get the letterboxed VHS released around 2003 because it said on the back that the effects were “newly enhanced”. Of course it was the same transfer with no enhancements. I think their marketing people got confused because Raiders WAS supposed to be re-released theatrically in a Special Edition and I believe some preliminary work was done. The rumor was that the submarine scene would be finished and added. However, they cancelled it when special editions fell out of favor with fans after the 2002 E.T. special edition.
Personally I would have loved to see an updated edition of Raiders with added deleted scenes and updated effects, as long as the original was also available.
I suppose the 2008 HDTV master with the CGI cliff scene, contains the remnants of what was supposed to have been the Special Edition.
Can you elaborate about the submarine scene please? What would it have entailed?