Honestly, I wouldn't have a problem, no.

Here's how I would prefer the hypothetical blu-ray release to go down though:

TPM:

-both the original 1999 cut and the final 20xx version branched onto the same disc. I don't really care if the '01 version isn't included, it should've been the finished version anyway.

AOTC:

-the same cut that's on the dvd and, if Lucas so desires, a finalized 20xx version branched onto the same disc (although I can't imagine what he'd want to do with it that he couldn't with 2002 technology).

ROTS:

-same situation as AOTC.

ANH:

-disc 1: the finalized 20xx version.

-disc 2: the '97 version, mastered from the '97 IP.

-disc 3: the '77 and '81 versions, mastered from the 77/81 IP's, seamlessly branched onto the same disc with all of the 35mm sound mixes.

ESB:

-discs 1 and 2: same as ANH

-disc 3: the 1980 version, mastered from the 1980 IP, with all 35mm sound mixes

ROTJ:

-discs 1 and 2: same as ANH and ESB

-disc 3: 1983 version, mastered from the 1983 IP, with all 35mm sound mixes

I wouldn't care about losing the '04 version of the OT since, as with TPM, the dvd should've been the finalized finished version anyway.