Ideally, one would want all the versions of the film presented in the best possible way. If I were doing it, I'd make each OT film a 7-disc set; the first four discs would be the six+ versions of the films, with relevant audio commentaries. The fifth disc would be as much vintage/archival material for each film as you can fit on a Blu-ray. The sixth disc would be all-new documentary and featurette material, and deleted scenes. As this would all be for one film, you would pretty much be able to fit all the material necessary. A seventh disc would be devoted to presenting a workprint version of the film from the very first rough cut. In the case of the prequels, it would be neat to also do a bluescreen-only version available in a PIP with the workprint (but perhaps only in SD for space issues). Anyway, it would be like this for the OT at least:
Disc 1: Restored theatrical cut of each film, with audio options for all original mixes. (1981 version of ANH offered via seemless branching) Isolated score and commentary made of archival interviews, plus new commentary by scholars/critics and a text commentary.
Disc 2: 1997 Special Edition of each film. No commentaries, but include some featurettes from 1997. Text commentary on changes and new material.
Disc 3: 2004/2011/Final Versions, split via branching since they all use the same 2004 master. "Official" commentaries already existing, plus text commentary on changes, plus a second text commentary on behind-the-scenes trivia and EU/in-movie trivia.
Disc 4: 3D Version. Commentary by 3D conversion supervisors, plus new featurettes on 3D process for each film (could be 10-30 minutes).
Disc 5: Vintage docs, vintage TV appearances, vintage interviews, trailers, commercials, art and archives, plus reproductions of vintage text/media.
Disc 6: New docs and featurettes, plus deleted material.
Disc 7: Workprint of each film, with commentary by editors, Lucas, and producers. Extra space can be used for documentary on editing processes.
I'd include a bonus disc in the box set which includes extra documentaries on the saga and trilogies as a whole, and all those "Science of SW", "Mythology of SW" type things, plus "Empire of Dreams." The box set would come cased with a hardcover coffee table book which has large reproductions of various photographs from the shoots, plus some text and maybe an intro by George Lucas or something, maybe a couple of small essays like Criterion does. I'd include reproductions of the 1977 programs and lobby cards or something like that too.
The PT films would forgo a 1997 disc and have all the non-3D versions branched on the same disc. Disc 5--which now would be disc 3--would be the original DVD bonus disc plus additional vintage material. The fourth disc would probably be a lot of the stuff that's now on the BD set. The workprint might be in SD if the 35mm versions don't exist, which might mean being able to include the blue-screen version of the movie in HD.
The problem right now is that Lucasfilm has only been giving the OT one bonus disc for the whole trilogy, or 1.5 BDs for the whole trilogy right now. This is pretty laughable, as like most classic films, each OT movie needs at least a dedicated second disc, and more appropriately two or three. Giving 1/3 of a DVD for each film or 3/4 of a BD for each film is a bit of an injustice. It's the reason why everyone always wants more from the special features--no OT film has ever gotten so much as it's own supplementary disc, let alone the two or three adequetly required.
I'd price each film at $50 or $250 for the deluxe set with the book, cards and extra disc.
I'd also make a single-disc limited-time version of the restored theatrical version of Star Wars available, with a short feature on it's restoration included, for whatever is fashionable for a regular BD (about $25 I guess). I wouldn't do this for the other two, in order to highlight the importance of the original, as well as cost-saving as well as creating incentive to buy the higher-priced boxset (just trying to include some business thinking in there).
Ah, we can dream, can't we? The sad part is that this is completely doable, not a budget-breaker, and would reap in huge, huge, huge profits along with the respect and praise of both historians, fans and critics. So you know this won't happen. The thread's original title is morbid but entirely reasonable in this respect. When Lucas dies, you will see something like what I have outlined before too much time has gone by. Until that happens, this is just a classic film enthusiasts pipe dream.