I never saw the Classic Edition of Return of the Jedi. But I think the consensus (of version 1, at least) was that it was less than satisfying.

I did see a few clips from the sarlacc battle. The judder there was bad, especially when one half of the screen was from the DVD, and the other was from a laserdisc capture. Once again, I don't think OCPmovie did any color correction or saber fixing.

In short, I'd say there's definitely a need for your ROTJ reconstruction, just like there was one for ESB.