But Ginge, he didn't apply a shake to the video from the recent screening - he removed the shake from the main image so that the original shake could be revealed.
I wonder how stable the original image really is. If the entire frame on a projected typical movie in a typical theater often has some small amount of bobble, it could certainly make other smaller shakes within it less noticeable, meaning that a rock-solid unwavering main image would make internal shakes more visible.
For example, I considered stabilizing the Puggo Grande, but I concluded that it was wobbly relative to its own sprocket holes, and even relative to its own framing. Meaning that either the original film was wobbly, or the reduction to 16mm was wobbly. So I left it alone for fear that there was some possibility that I would be removing wobble that was in the original film, or that I could introduce new wobble by using the sprocket holes. The truth is, there's no way of knowing how stable the original frame is without careful analysis of an original 35mm print.
Harmy, if you have time to render a version without the shake, it could be useful for other projects (like a sort of deleted scene). But I agree that your version should have the shake because it sounds like it was there relative to the original image behind it. It also preserves history because it shows that people could expect to see subs that drifted on top of the image in the 1970s.