That's exactly how I made my 5.1 soundtrack. I used Graphedit to recreate a Pro-Logic II decoder, which extrapolated the 5 different wavetracks. I then encoded these separate eave tracks into an AC3. It's precisely what you would hear when forcing the PCM track through Pro Logic in your sound system - in a much smaller file size. Believe me, I spent a great deal of time perfecting this technique. I don't know how these other 5.1 tracks were made, but I seriously doubt they put as much effort and research into it as I did.
"when I watch both the anamorphic and TR47 versions and see the dust specs"
At one point, I did make my old version anamorphic, but I won't do that again until I get software that allows me to remove the dust specs and visual glitches.