Grease is coming to 4K Blu Ray in April;
http://www.blu-ray.com/news/?id=22859
It’s not mentioned but there’s hope it will include the original mix. Grease 2 is also coming to Blu Ray for the first time.
The press release mentioned this:
“Paramount worked with director Randal Kleiser to restore GREASE to its original vibrancy with the highest quality sound, picture resolution and color. The original negative was scanned and received extensive clean up and color correction using previously unavailable digital restoration tools such as high dynamic range technology. In addition, the audio was enhanced from a six-track mix created for an original 70mm release, giving the music more clarity. The resulting picture and sound create an exceptional home viewing experience.”
Additionally here’s a quote from a discussion on Steve Hoffman Forums:
“I may be able to throw one more wrench into things. I have a friend who was in exhibitor relations (or some such thing) for Paramount in the 70s/80s, and he was invited to some sort of pre-release screening of GREASE at the Egyptian (I think…maybe it was the Chinese, but I don’t think so) in Hollywood, using a 70mm answer print with synchronized sound on a mag film dubber in the booth. He was absolutely blown away by the sound, and couldn’t wait to see the movie again just for the sound quality he had heard. He first saw it during general release in 35mm, but then it landed at, I think, the Village in Westwood in 70mm, and sounded nothing like that rough version he had heard. He still comments to this day about what a complete disappointment that was, and he’d love to know what happened to that early mix/release he experienced.“
Hopefully that’s a good sign.