Eh, I'd keep the old lightsabers and matte lines, or I wouldn't really consider it the original original trilogy. I love to see through the frame of my cockpit, I don't know about you!
Yeah ... Just clean up the film, scan it, hire the guy from starwarslegacy.com to color correct it, encode a nice 16:9 MPEG-2 out of it with the original sound mixes, and slap it on a DVD. Most of this work was probably done for the 1997 and 2004 releases. They can get a fan-made DVD cover set from a torrent site, then hire a child or trained monkey to oversee the actual encoding of the video. This thing could be on store shelves by New Year's.
With regard to Lucas, I think he doesn't care about the "fanbase." The base of Star Wars -- The Movies' popularity is not the fans, but the populace at large. If half the hardcore Star Wars fanbase gave up on Star Wars completely, they might have to scale back the publication of reference books and whatnot (as Pocket Books did to Star Trek during the Trekkie Diaspora in the late 90s), but movie sales would not be terribly affected.