It's a nice idea but Harmy has done most of all of this in his edits and Adywan to some extent with his theatrical versions. Unless you are prepared to go all the way, and roto most things back more than these two, I don't see how it's going to be much different.

As for colour correction, you'd need to at the very least, either colour correct specific scenes with the lightsabers or roto replacements, as I'd imagine leaving this intact would infuriate most die hard fans of the OOT.

I am certainly interested in your project though. The more of these the better.