The other problem is, sometimes the "shake" is in the video - but the letterboxing remains the same - so if one were to align the shaking, you'd either have to crop a few lines of the movie, or suffer with the top/bottom edges wiggling around. I don't know if either solution is really acceptable.
Personally, if there was any scene that I would consider smoothing out, it would be "A long time ago....", because it wouldn't be affected by the letterboxing.