I would get just as much additional quality-improving work done for the movies as what is currently being done for Adywan's SE editing project. I would personally supervise the work on each and every frame to make sure that it gets the treatment it deserves.
Personally, I would prefer a release that is technically superior to any other release, but with the storyline, pacing and dialogue of the '93 versions. I know people who prefer the SE, so I think it should continue to be released.
For Episode I, II and III, make seamless branching versions with and without the deleted scenes (with exception of scenes that do not fit in the storyline). Use the CG Yoda in TPM.
For each deleted/branching scene, make it also a separate segment with preamble like on the current PT DVD:s.
Release Return of the Ewok, Beneath the Dome and the Muppet Show episode together with documentaries on a bonus disc, with the Holiday Special as an easter egg.