Why in the world would you really do that?
If you're working with the original film elements, wouldn't you strike new negatives from the rest of the non-fx clips as well? If you didn't you'd see differences in quality from aging of the negative versus the newly added clips struck from the original elements.
If that were really really true, we have to again ask the question: Where did the Empire of Dreams OUT clips come from if they were cut out and disposed of?
And really, you don't NEED a continuous master negative for DVD. You could reuse all the '04 DVD material and just (digitally) insert the unaltered clips that had to be built and scanned by a computer before overlaying CG material.
On the other hand, there must be some interpositives and/or 1st gen prints in existence somewhere that could be digitally scanned in HD for high quality DVD and other, future releases. This is what would happen if the project were handed over to someone like Criterion.
That's exactly what theDigitalBits.com said today.