Mike O said:
I actually love that blue/green tone. That was the only good thing about 2004 release of OT.
Like it or dislike it, it's not how the film looked for 25 years prior to its Blu-ray release, and that, IMO, is not OK.
In digital form the colours of course do not degrade over time.
On the other hand, film stock have never looked the same over 25 years since it is constantly changing (degrading) the colours. At the time they scanned for DVD the colours were different from ones that were originally captured on set. Not to mention if they scanned a copy of the original footage. And even further, films stock could not have captured the exact colours that were percieved by the director's eyes at the time he setup the scene. So if the director thought that were not the colours he perceived at the time, I don't see why not try to reproduce them the way he wanted them.