To answer other questions, I doubt we will be using any new codecs that are not standard to most people.
We have had many people have issues even with h.264 mp4 files.
As mentioned, we have a customized rig which takes the projected image and captures it with a 4k pro camera at 24fps.
We are using off the shelf commercial and pro Image software from Adobe, Avid, and other companies that make professional restoration software.
The basic files are converted losslessly to other formats to save space and distributed. The reels have been split up between team members.
From there each frame is individually cleaned for dirt and scratches, but if they were originally in the film, those artifacts will be kept.
We have been at it for 2 years, and are still working on the last few reels.
Sorry about being vague on any specifics, but really there will be more work once the cleanup phase is done. We're looking at cropping, scene by scene color correction, and stabilization by the time we are done.
Current progress is being tracked at reddit, under AMPSdeux.
There are sample clips being posted along with other information concerning the print.
Team Negative1