Finally, some news. ;)
With my S/PDIF connection not working, and having run into some difficulties in achieving everything I'd wanted to do with the new version, I ended up putting it on hold for a while and occupying myself with other things. But I recently got inspired to work on it again after reading a very interesting article on correcting the perceived sound of headphones in order to achieve an even response: http://www.head-fi.org/t/413900/how-to-equalize-your-headphones-a-tutorial
To do this properly requires the use of a parametric equalizer for precise adjustment of certain frequency ranges, so it was therefore necessary to teach myself how to do this. Until now I hadn't even realized how much over-emphasis there really was in certain parts of the treble range, and continue to be amazed at the increased midrange clarity I've now gained. And it's a good thing I made the effort, because it turns out that a parametric equalizer is exactly what I needed to make this 70mm project the best it can be.
The differing EQ of the edited segments was always something that prevented them from integrating as seamlessly as I'd have liked. Adjusting it would be the obvious answer, but I avoided doing that before since I knew I wasn't truly knowledgeable enough about audio to ensure that I wouldn't make things worse in the process. I still don't claim to be any kind of expert, but I've at least learned enough to get this thing where I want it. So I've started going through all the edits again and tweaking the EQ of the '85 mix in order to more closely resemble the '93, and I'm pretty happy with what I've achieved so far.
Getting an exact match between the two isn't possible, or even necessary in some cases, but usually a cut in the vicinity of 2 khz blends them together very well. Occasionally, more complex adjustment is required, and some of these I've redone more than once to ensure I have the best possible result. I'm following the principle of looking at EQ through the metaphor of 'sculpting', so that frequencies may only be cut and never boosted (additions can be made only by adjusting the overall gain), in order to avoid adding noise or introducing unnatural resonances. There seems to be a consensus that digital EQ is inherently inferior to analogue and more likely to create distortion, but since I can't afford a high quality hardware unit I'm doing the best I can with what I have. So far I haven't heard any flaws in the adjusted sound that weren't already present in the source, so hopefully that won't be an issue.
Using the '85 mix has eliminated the previous problem of narrowed imaging during the replaced segments, and while the peaks are still considerably flattened, I now have greater freedom in choosing edit points, which allows for retention of more of the '93 version, therefore bringing it closer to the 70mm sound. To illustrate this improvement, I've uploaded a file comparing the new version with the old for the opening shot of the movie: https://rapidshare.com/files/182232409/flyby_comparison.wav
It's not perfect, but it seems to work pretty well. See if you can tell which is which. (hint: greater dynamics = good)
I'm about half done with the EQ adjustments, and after that I'll put the finishing touches on the LFE channel. My S/PDIF issue looks to be solved in the near future, so provided I don't get too busy with unrelated things or lose motivation, I should be closing in on completion fairly soon.