I've been working on such a project, the "Experience '77" version, but the thing that's really caused me the most trouble was getting the audio synch right - rather difficult to do this empirically on a computer with only 64 MB RAM.
I did manage to create a prototype version, XP77:4EB, which has an audio track created from an MP3 - I also have an audio track created from a lossless source. Both of these were sourced from a 1985 UK TV rip bootlegged on VHS. It's reasonable quality, not the best.
My plan was to create a DVD with a reconstructed original rollup, reconstructed original 1.0 mono mix and the original 2.0 stereo mix. I have both of these. The 2.0 mix is almost the same as what is on the newer releases, especially the 1993 Definitive set. Processing the video is not difficult, and I can even do it on this crate - the audio is the real trick.
Moll.