I agree: Blu-ray is often better than 35mm prints. I went to a screening of the Evangelion remake in the best theater in Toronto and they were projecting a blu-ray, and it looked better than most animated films I've seen on film.
But that is much different than a study saying the typical/average range of a projection is 500-800 lines. Lucasfilm is just quoting that study.
The typical resolution of a modern print is about on par with a 720p HD video, something around 700-1000 lines of resolution. That is as much as twice the resolution as what that study is reporting, and their figures are an average figure, the implication being that there are prints far lower in resolution than that. What the hell were they looking at? Part of the reason they used Bollywood prints, I must assume, is because of legality and affordability: Hollywood doesn't sell it's own prints, or easily loan them, and they are always way, way more expensive than something from most overseas countries. There is no Bollywood market in North America, so prints might be cheap and available. That is my take, since it seems unusual for a western produced study to use so many examples from the east.
I can tell you from first hand experience as a working professional in the camera department, in the biggest and most widely recognized camera organization on the planet, who conducts these sorts of tests himself, that that study makes no sense. The fact that it is mainly Bollywood prints probably has a lot to do with it.
But if someone said that your typical print of a Hollywood movies is about 800 lines of resolution, I would believe that. Some are more, some are less, but that is a realistic figure, something believable at least.
HOWEVER....
and this is a big however...
One must also compare against the actual resolution of HD video. If I transfer and upscale my VHS to blu-ray, that VHS transfer is technically 1920x1080 lines of resolution. But it's really not. When we measure film resolution--because it's not digital, it has no fixed pixel dimensions--we measure the resolving power of the lens, in other words how many lines you can visibly discern. On the negative, this is 4 or 5 thousand lines of resolving power, to go by the commonly quoted figure (again: depends on the specific example). On the release print it tends to be between 700 and 1000, give or take. But the "resolution" of HD--1920x1080--is not the actual resolving power. It's a measurement of the image dimensions, in pixels. So, 1080p images don't always have 1920x1080 lines of horizontal and verticle resolution, that's just the size of the image. I think people forget that.