skyjedi2005 said:

Is preserving the HD broadcasts of the 2004 version of the trilogy even relevant anymore.

No, it would be foolish to spend any time working on any project till the official release in about 1 year. There's no guarantee that the blurays will equal or surpass the cable captures because there have been many official releases that were major fails but if they do end up being great then it would be a huge waste of time. Not to mention all the new material and improved HD audio options to work with...