I hope to capture it in the best way that I can, but I am a complete amateur on the whole process and I'm not anywhere near in the same league of knowledge on this compared to people here. Therefore, I have not decided on the best ways yet to do this.

I agree that getting the colour timing to match with the blu-ray would be a fantastic option, but the differences in resolution would be extremely noticeable. The best way that I can think of to attempt to solve this would be to down res the blu-ray to 480p to be of a similar resolution to the laserdisc, and re-colour time both sources (as both are not perfect).

What you suggest is perfectly reasonable and along the same mindset I have for this. I would be more than happy to provide you with the preserved deleted scenes if I am successful in capturing the laserdisc and achieving reasonable results in picture quality.