This is the kind of project that ocpmovie excels at, and actually did on his Classic Editions (which did very much the same kind of thing, only using the 2004 SEs as source instead of the 1997 ones). Unfortunately, he's suffering severe Star Wars burnout right now, and I don't think we'll be seeing any new Star Wars projects from him for a long time.

I like the idea here, though. If anyone does attempt this, don't forget to throw back in the missing frames of the laser burn shots on the Death Star that were "censored" on the 1997 SE versions. Apparently Lucas decided it was too graphic to show obviously human characters with flaming holes in their chest when being shot.

--SKot