The Salkinds did the tv version. Where Donner had final cut over the theatrical release he did not for home video or television. In reality there's nothing Donner could do if the tv cut was to come out on DVD. It's just a courtesy sometimes by the studios not to step on directors toes, but we all know that goes out the window when cash is involved.
If WB orders a cease and deacist that just means they're working on bringing it out.
The sound elements were all found. Think about it. They obviously needed an isolated voice track to be able to add the new sound fx to it, not to mention the cleaned up music cues- which were off slightly to their original timing.
Listen to some of the scenes in the SII Donner Cut and you'll see what I mean. More specifically the alternate take of Luthor and Miss Teschmacher walking in the Fortress. It's raw sound. You can tell because everytime Lex takes a step it sounds like he's walking on a wooden surface. Clunk, clunk instead of the original theatrical version where it sound like he's actually walking on packed snow. The sounds are there, but like you said; they just don't want to spend the time and/or money on it.
WB is pretty much done with Supe on video for the time being. They even stated in a recent chat when asked about any further releases on video that they've "been there, done that". If people are willing to buy it (which is obvius since in all their live chats it keeps getting brought up) then friggin milk it. (SEE: GEORGE LUCAS)
Look at the SM Ultimate Collection set. It sold out instantly. As did the original FSM CD printing.
You're not alone in your wish list. Hell, I'll even take the tv cut in mono... So long as it's in widescreen.
I wish Anchor Bay owned the rights. They know how to treat a product for the fanboys. They treated (the inferior to SM) release of Supergirl with the respect Superman The Movie should have gotten.