The video re-encoded in an OPV quality mode on my PC can take 1 to 2 hours. It'd look and sound pretty darn close to Moth3r's. The runtime would still be short like PAL but it'd be fully NTSC.
Easy, and anyone could do it.
To really make myself only minorly pleased with the output would take a lot more work. Brightness and white point changes (picture seems darker than the first 2), more yellow and green (again), less red, the resize and framerate change of course. There would definitely be edge enhancement for better or worse, and the encoding time would end up being around 20+ hours because of the complicated filter chain and slow-assed-ness of VirtualDubMod (I can use AviSynth but not for projects this detailed).
When it's all said and done it'll either look like a VHS copy of a laserdisc or a crappy oversharp mess.
I don't really like any of the alternatives that's why I'm giving it a miss.
Funny thing is with programs like DIKO, DVDRebuilder, SVCD2DVD, etc. it's really amazing that there is still not a single tool that'll let you do a straight DVD -> DVD recode from PAL to NTSC or vice versa. Lot's of people seem to be wanting one.
As far as an extended edition of Ep. 4, it's a partial joke, but only kind of. I've tossed around the idea of using my DVD and cutting in all the deleted scenes that OCPMovie cleaned up to produce a sort of rough cut with all available scenes. OCP pretty much flirted around the idea with Deleted Magic, but I would go less high-brow informative and straight to the popcorn eating rainy day watching route. Don't know if it's something worth watching, but I don't think anyone has done it yet.