_,,,^..^,,,_ said:

Plus, there is a third possibility, "a la Batman"... use the 1.95:1 version "as is" for the theatrical scenes, and 2.35:1 for the extended scenes.

I think that's what drngr meant on "impractical" (although he probably just misunderstood your original idea), and I agree that it would be distracting. Keeping it in the same AR (1.95 or 2.35:1) is the right thing to do.

Having said that, there can be a lot of problems. Color matching. The framing could be slightly different each scene and it'd take a rather complicated method to match them. Also 2014 will be the 25 year anniversary, and that means a little higher chance for it to be released officially on BR. Does it worth to risk all this work to end up with a still DVD quality result?

I'm not trying to be negative, I'm trying to be ethical here. Sure as hell I'd get, watch, and enjoy the improved version. But the effort it takes better "spent" on another movie that I don't even like..., but has better quality sources to work from.