So it seems Fantasia can be improved further.
On myspleen someone released a rip of the Australian DVD. The video of this release is apparently from the same video source as the laserdisc. Even at DVD5 it seems like an upgrade. The audio on the other hand is the same DVD audio but the narration (with Corey Burton dub) cut to fit the video.
So one would have to consolidate all the vob files to one video, slow it down to NTSC, insert the missing scenes, and drop the two audio files from this release. And the audio track of that release can even be kept as an optional third track.
Here is the write up on myspleen:
This is the 2000 Australian “Walt Disney Classics” release of Fantasia. Unlike most other releases, this uses the 2 hour long 1990 home video master, albeit sped up for a PAL frame rate- ending up with a runtime of 1 hour, 54 minutes and 30 seconds. The audio is a butcherization of the already butchered 2000 5.0 audio track (ft. Corey Burton overdubbing Deems Taylor) that has been cut to match.
Several noticeable differences to other, more modern releases include:
-Color timing is much brighter, especially in the “Nutcracker Suite” section of the film
-A recreation of the 1940 intermission card is used as a title, as opposed to the 1941 “RKO” titlecard used for the 81-minute cut and all post-2000 releases
-A ~115 minute runtime made to resemble the 1946 release of the film (which restored Toccata and Fugue), as opposed to the 124-minute 1940 Roadshow version
This is a substantial upgrade to the LaserDisc transfer I did and, even for the small size of the DVD, it looks great. It may or may not be an upscale of an NTSC source- however, since there is no proper release of the 1990 version on DVD format in an NTSC territory, this is the next best thing.
The only processing done was running the DVD through DVD Decrypter.