Get a Sony Z1 HDV camera ($5,000), a good computer with an HD card, RAID, and a couple terabytes (several thousand $). Set up the camera on a tripod, project the print on a small, clear screen, run component HD out of the camera (uncompressed) into the computer, and then do cleanup in post.
Cheaper version:
If you can't do uncompressed, you can record in HDV mode (25 Mb/s MPEG2 in HD) and it'll only take up less than 30 GB and still look great. This doesn't need to cost a lot--I'm sure we could find someone with a 35mm print and coerce him or her into letting us shoot it.
I must have overlooked something, so feel free to put your two cents in. I don't think we'll get the OOT in HD, and the longer we wait, the longer the prints will deteriorate. I think a solid bootleg with a 3-chip HD camera and some fixes in post would look fantastic. Especially compared to laserdisc.