I am FAR from being an expert anywhere near this field but I'd have to say that if someone were to have access to some proper resource a project like this COULD be very promising.

My guess would be that they'd essentially be doing what Lucas & Co did when they created the S.E.....essentially making a new master print from the 35mm scan, as things go I could have this entirely wrong too.

At this point I'd figure there would be some processing (via hard core fans, not Lowry) to revive and maintain what most of us oldies got the lucky chance to see on the big screen when it was released.

I realize that this probably doesn't answer your question completely but I wanted to at least take an "ordinary guy" stab at it.