At this point I’m not even sure I want Disney/Lucasfilm doing it because I’m sure they’d manage to screw it up somehow.
You’re right, they probably would, as they have done numerous times in the past.
The fact is that fans with the right technical know how will always be able to produce the best results because they are fans, not employees of gigantic corporations. Any official restoration has a strict budget and time frame, not to mention guys in suits sticking their noses in at every turn to see how costs can be cut. A dedicated fan of the film working in their spare time has none of these considerations. Similarly I imagine the average Fox employee in 1996 really didn’t give a shit what colour the rebel soldiers’ shirts were supposed to be.
LucasFilm are very much aware of Mike Verta’s project (they’ve warned him against releasing it after all) so Disney have probably at least considered buying it from him for commercial purposes. Given their obsession with maximising profits that must surely be more appealing than starting their own long, pricey and difficult restoration project.