On the VHS/ LD combo, sounds like a decent idea if it will improve the quality. What other edit has that process been used on?

Personally, as well as a full LD preservation I would like a HD version with the LD (or LD/ VHS fotage spliced in). Since it's only 2 scenes that take up around 4 minutes of footage, I could live with a noticeable change in quality of image.

There was an SD composite version of the international cut done a few years ago, using the LD and DVD. I think it was released by Blaksvn through the 'Spleen. If you were to go that route I would use the DVD as the source as the colour timing is much better than the DVD and a better match for the LD footage.

I think the worst thing to do would be to try to match the LD to the bluray as the colour timing is way off. Superman's suit is too green by far.