There are ways to "blur out" subtitles or partially remove them. However, it makes the video look bad as a result - not to mention having to re-encode. Just watch it with the subtitles. I guess I'm kind of impartial to them because I have been learning Japanese (4 or 5 years now). I cannot understand a lot of Japanese subtitles (there's a LOT of kanji I don't know), but it's somewhat of a learning tool for me. That and the fact that most of the anime I've seen was in its fansub incarnations first then dubbed DVDs later on.

To get back on-topic; I am still looking forward to this project, and the fact that they will be single docs per disc for highest quality and will remain in their original format (which for most would be NTSC) is very good to hear.