I heard a German Release of the Theatrical Version is announced for this year (09-29-2008).
Maybe it is better than the japanese Version.
http://img389.imageshack.us/my.php?image=grindhousedg1.jpg
the poor thing:
theire just german Audio tracks announced so far...
(but if the movie is optical better than the japanese.. mhm... maybe speeding the PAL version down to NTSC speed.. and get the english audio from the japanese disc...)