Yeah, I'm now considering a slightly more ambitious project with this. I'd like to do what I've mentioned so far, adjust color, and redo audio, but I'd now also like to fix a few of the errors in the film, namely the map. I have a few other VERY ambitious ideas to add to this, but thats a big maybe still and I don't know if I'll be able to make it happen....something along the lines of adding in scenes from the book that were absent in the film, such as Beorn's house....but as I said, that part is a BIG maybe.
Right now though, the project is on a bit of a hold. I WILL be getting to it, but I'm currently serving as 3rd unit director for ESB:R, and working on a re-edit of Disney's Sleepy Hollow animated cartoon with live action DVD menus. I am definitely very passionate about this film, and I promise I'll be coming back to this when I can (SHOULD be in the nature of a year or 2 from now)