I thought I would do a proof of concept anyway on that Stormtrooper frame on the first post.
https://imgur.com/a/NJGnFPb Here it is in its original resolution, and at 1080p with two different settings of Noise Reduction.
I used this website http://waifu2x.udp.jp
I appreciate the effort of this, but I am generally not a fan of these for VHS rips. Too much warpsharp for my taste. Looks too plastic in a weird way. this is what happens when people run amok with it.
But the more I am thinking about it I may take my raw AVI captures and resize to 720p (960x720 with 4:3) and then re-do all post processing, minor noise reduction and cleanup (maybe some minor line darkening) at that resolution. Then release a 720p mkv set.
Anything beyond 720p is probably just circlejerking at pixel count, IMHO.