Sure, we'd love it. It's not like we're fanatics or anything.*
But really, even if he approached this with the best possible intentions, isn't it a given that he'll screw up color timing and sound at the very least? But even then I'd appreciate it as a much better source for proper restoration projects.
* Okay, that was a little tongue in cheek but I'm serious. Minor cleanups would put him well within the boundaries of what other directors regularly do. Sometimes I wonder why they bother and wish they wouldn't, but I don't begrudge them for it. Raiders of the Lost Ark, Blood Simple, etc. A certain amount of change is, even if not desirable, tolerable.