I like the idea, but the best source material for this project would be the theatrical cut itself, which was aired on Austrian TV in HD in 2012. I don't have the complete film on my UPC DVR since it really took me by surprise when I found out it wasn't the DVD Director's Cut.

The balance between picture clarity, detail and grain is perfect in that version. The hues are also very good.
Shame there is no way to get it off the UPC DVR because of the unique encoding of that box.

Here's to hoping the Sky Star Wars channel will use the same source. Also, why not use the 7.1. DTS-HD audio and make a couple of edits? I believe most of the newly added shots are SFX only.