I have done that very thing before with a double sided DVD (not Star Wars). It had 4:3 on one side and 16:9 (2.35:1) on the other. In the end with very careful editing, I got the movie to be nearly seamless (no pun intended) and it was much better than just watching the widescreen version. I think your idea is totally doable and worth the effort. I wouldn't mind doing this if I had the 4:3 captures. I think I still have my scripts around somewhere from before and could reuse them for this. Every time a scene changes, you need to get the 4:3 area in the right spot. It doesn't take that long to do a whole movie.

Mike