Is there a reason Oswald would have been altered at the time? If Universal owned him at the time, it shouldn't have been a problem having him in the movie. Woody Woodpecker made it in.
As there's been a 16mm print or two on Ebay, and possibly a Derann Super 8 in the past, how hard would it be to scan the frames in question (if the prints are uncensored) and integrate them into an HD version?