Correct. The American version.
As for the other questions... No, I have no intention of doing part 2. The 5.1 remix on that is quite faithful to the original and sound terrific. Not to mention it's not really a great film. There are so many other titles i'd like to tackle.
I do not capture the audio myself. I send my laserdiscs to a friend of mine who is "in the biz" and he handles that aspect of my restorations. This entire "bit-perfect" thing is quite overblown. Just my own personal opinion and I think the titles I have tackled speak for the quality of the captures and the work.