UPDATE: A huge thank-you to the very resourceful dark_jedi.... who has kindly undertaken the first two HUGE steps for me in this project. With his help I now have a perfect conversion of my original source video (the Hard Target UK version) which is now in NTSC format and sounds exactly as it should. He also converted my source video for the Hard Target 'Screener' version, in addition to cropping out the timecodes!
A fantastic start to the project, even if it's going to take me ages to do it, hahaha. I think I will start by reading over the forums, and figuring out what tools and equipment I am going to need to invest in to do this the right way. Sort of a self-paced seminar.... I have so much to learn about this. Above I mentioned experimenting with Audacity to try and isolate a bit of dialogue from the trailer video.... but was unsuccessful in doing so. I will most likely need to find an expert on working with audio/dialogue issues.
After watching HT again I think I figured out that Frack was the guy on the motorcycle that Chance blows up with the gas can late in the movie. I never thought it was him before because the guy was wearing a helmet. Hmm....