I too have thought about it. Like the Grinch special, the BD/modern transfer seems a bit lifeless and the audio isn’t very good. The old DVD is a LD port but I haven’t gotten a copy yet. The LD is rarer but the PCM mono should be best overall. (I’ve watched my Grinch LD every year since getting it. Clear, pure mono with the colors the way I grew up seeing them.)
Of course no release is uncut with all the old sponsor logos in place.

My copy is still the old original VHS release which was the first ever home video issue.