As unlikely as it would be for Lucas to release the Holiday Special in any form, I really get the impression from the announcement that this WILL BE the Holiday Special. And the Holiday Special would be the perfect vehicle to launch Cinematic Titanic.

Authorizing the release as a parody - and not a "serious" release - allows Lucas to save face (and still make money).

Plus, if you consider that Lucas authorized Robot Chicken and Family Guy to do Star Wars parodies (both of which are NOT family-friendly), this makes even more sense.

Of course, I won't be surprised if Lucas insists on some alterations to the Holiday Special.