No, it'll be all three. I've covered this here in the thread, by the way. Ep1 will be BluRay sourced with grain added, and color corrected slightly to take the edge off the overall red tint. Eps 2 and 3 will use shorman13's upcoming V2 source, and are really just waiting for that to be released.

DrDre's upscaled deleted scenes make a night and day difference, I gotta say. I'm encoding V4 of Ep1 right now, and Ep3 will be next because that's what shorman13 is releasing first. I'd like for them all to be out well ahead of TFA, but in the end I'd much rather be able to put the best of everything into this final release.