bkev, its a matter of cost and rights. companys don't have the same amount of freedom as us fan creators. stuff costs money. EG the clean up cost just over £50000 for the 39 episodes alone, add on all the other costs involved and keep in mind its a cult cartoon with limited audience compared to any hollywood hit etc , you have to sell alot of products to get close to hitting profit.
I guess in an ideal world getting hold of a 16mm print and telecining it would be awesome but think of the cost of over 18 hours of footage. then comes the colour timing etc..
The Japanese version removed alot of esteban daydreaming and was cut to make esteban more the hero than mendoza saving his ass all the time.
I havent had chance to see the nick masters sadly I was basing my opinion on what the dvd director told me about them. I have got the BBC masters pre cleanup though and theres an incredible amount of crap on them - which would have been there when originally broadcast - makes you wonder how badly reels were treated back then..
sorry if my answers seem a little disjointed, kind of in the middle of moving house and using a dodgy gprs connection atm