Ok, no-one is providing a definitive list of what needs to be done, or in fact even talking about doing this project...

My understanding is the last release has more mute colors, ringing artifacts and is non-anamorphic.
The new release is by and large improved on the above, yet has bad softening and artifacting (from poor digital clean up (They didn't use Lowry).)
Home Theater Forum has a great review: http://www.hometheaterforum.com/htf/showthread.php?t=243216 Giving the video a 3/5 and the audio a 2.5/5.
None of the reviews I read take issue with the new colors, and you know, I really do like them.

Reviews uniformly thrash Little Mermaid's DEHT audio Mix as much as the prior DEHT mixes.

And of course we have this:
(Image missing)

What to do?

1) I suppose the ideal disc would use the sharper (but possibly more flawed) original DVD for the Luma channel (made anamorphic (and possibly properly digitally cleaned). Edit: As long as we're going for the ideal set, let's say we use the PAL DVD's Luma.
2) The new release for the Chroma channel.
3) The original 5.1 audio mix.
4) Bishop's got knee.
->Be aware vertical and horizontal lines will be lost because of different aspect ratios.

Will I be doing it? Sigh, I don't THINK so. Is anyone capable of doing this well?