If you are going to go through the trouble of getting the theatrical positioning and layout and scrutinizing over its placement to the milimetre, then you might as well go through with it all the way.

A lot of films have important picture information that gets cut off in TV safe, that's because films aren't shot to accomodate television. One way around it is to windowbox the picture--Criterion experimented with this at one point--but this just downgrades the overall resolution, and really helps no one. I think most purist/enthusiast POVs are basically, if you don't like having stuff cut off in overscan, stop watching the thing on a piece of hardware that does that. In the past you had to modify the films because all there was was CRT (which is probably why they re-did the subs for video in the first place), but now CRT is a minority, you can present the film the way it actually looks. Some people will lose out a bit, but it's their television's fault, not the film.