By workprint, are you talking about an actual workprint, as in, a rough cut longer than the extended edition? If so, then hell yeah! Is there anything particularly different or interesting?
And btw, when do you plan to upload your copy of the director's cut? Please do so soon. And are you intending to use Demonoid, or Spleen?
as far as the water mark goes impossible to get rid of altogether
Actually, I'd imagine that if both versions become available, some adventurous soul would take the unwatermarked area from the encore version, and lay that over the watermarked area on the sci-fi version. Hopefully they would do some color correction and what not so it fit in nicely, but I think it'd definitely be possible to make it look pretty decent...better than blurring it out, that's for sure. Actually, I prefer watermarks to blurred watermarks...the blurring is distracting as hell.