I really hope they do the original version. In fact I have my doubts wether or not they'll regress back to the '97 version.

Think about it. They'd have to redo all the effects done for the 2004 edition like the updated jabba. (well they could do it crappily I suppose...wouldn't be the first time) But also they'll piss off:

Fans of the 2004 version of the SE.
Fans of the OOT

Pretty much the only people who'd win are the select few who specifically like the '97 version.

I wouldn't be suprised if we get the original cut, but most likely with recomposited effects from the '97 edition.