This sounds almost exactly the same as Tellan's Lancer Project:
http://www.originaltrilogy.com/forum/messageview.cfm?catid=9&threadid=1434
You might want to check out his project to decide if yours will be much different.
Tellan is doing a lot of color correction and error fixing. I believe he was holding off on further work to see if the GOUT had any usable scenes.
Of course, one can never have too many versions of Star Wars
