Granted, it will not look perfect. But I'd rather have original footage in lower quality where it's needed than crap footage in high quality.
I think the outstanding picture quality for the *majority* of the film would be worth it.
And even if it's not all that worth it, I'll still have my TR47s around.
PM me if you want.
EDIT:
Oh and yes, please use this principle when editing:
Precisely my idea as well, to use the 2004 version where possible, fall back on the 1997 version and use the 1993/1995 version only where necessary.
It'll be much better for 2004 changes.