Here's a preservation/reconstruction project I'd love to see: SCTV. Although Shout! Factory tried to clear as much as they could for their DVD releases, some stuff still couldn't be cleared. Also, not all of series 2-3 were released on DVD, and none of series 1 and 6 were released either.
In Canada, Comedy Network and Comedy Gold are running SCTV, I'm guessing that they're the late-90s half-hour syndication edits (which do have some music-related alterations, but I bet that there's some music that's intact on those versions that's not on the DVDs).
Using the Shout! Factory DVDs, the Comedy Network airings for the episodes not on DVD and to provide audio for any sketches that retain original music on Comedy but not on DVD, footage from older recordings to restore any sketches or music missing from the Comedy airings (and maybe even to matte out the Comedy Network watermark), and using the comprehensive episode guides online (specifically, at SCTVGuide.ca), I think it could be possible to create reconstructions of the uncut, unaltered versions.
Any SCTV fans around here who wanna take up this challenge?