The video would look closer to the way it was originally intended as PAL doesn't mess up the video nearly as much as NTSC does (once it's been slowed down anyway, I can't stand PAL speedup personally).
It is likely that a higher resolution soundtrack could be created for the entire film using the VHS tapes that were mastered from analog sources, as VHS has good sound reproduction (better then CD quality PCM at least) if the tape and the player are in good condition.
I've also consider using the LP records to create a higher quality 96,000 Hz, 24 bit isolated score, as I've always felt that the Star Wars score suffered quite a bit in CD standard 44,100 Hz, 16 bit as a result of the heavy use of the brass section in the score (the quality of the reproduction of brass sounds on CDs compared to that of LPs is often considered a prime example of why LP is the superior medium). A 96,000 Hz, 24 bit isolated score made from a decent condition LP would sound much better. I'm not certain that the entire score is included on the LPs, but if anything isn't included it could likely be pulled from an analog master sourced VHS.