raphael said:

As an aside, something else I want to preserve about this movie is the soundtrack, which has long been out-of-print and never even made it to CD. It'd be nice to have a lossless version with high-res scans, etc

Does anyone know if anyone else has tried this?

No one's tried this as far as I know. However, you can hear some of the soundtrack on Youtube. The video I listened to sounded as if it had been ripped from a record with the quiet hiss and the warm analogue sound. Of course, I can understand these being too low quality for you.

EDIT: Wait a second! I just found it. Someone already has it preserved to lossless FLAC. It's on tehparadox. It has some extra sound clips from the movie in it, but you could probably take them out before burning it.

I'll PM you the links...