Someone has already done this and it's on myspleen in 720p and 1080p. I don't think there is a DVD5 but personally I'm happy to see the scene move away from the MPEG2 format. Hopefully you can re-encode the 720p version without difficulty.
I was wondering if anyone has ever done this project or would consider doing it. I think this is a historically important film in its original version. I have seen the original cut (not the laserdisc cut) available from a 16mm print, but it’s in several very, very, very large files and it may be rough.
I don’t have the resources, but for someone who does, may be a worthwhile thing to throw together…
P.S. And my apologies if this topic has been covered before.
Episode II: Shroud of the Dark Side
“Back when we made Star Wars, we just couldn’t make Palpatine as evil as we intended. Now, thanks to the miracles of technology, it is finally possible. Finally, I’ve created the movies that I originally imagined.” -George Lucas on the 2007 Extra Extra Special HD-DVD Edition