They aren't going to release the 97 versions again. The only versions you'll see in HD in the future are the UOT and whatever current, final, "true" version of the trilogy George or someone else at Lucasfilm/Disney has dreamed up.
I DO believe they will release some version of the UOT in HD...and I equally believe that they will continue to create "new" versions of the films as well. Everything in between...97, 04, 11, will pretty much just fall away. Any more than the original version + the current version is just going to confuse people.
That said, as a lover of these films and their history, I'd personally love to see a Blade Runner type release, where the UOT, 97, 04, 11 plus whatever the most current version is, are all included, with only the OUT + the current version available separately to avoid confusing the public. It's just hard for me to see Disney going that route...but I'd love it.
And no, for all that's good and green in this world, do not involve George Lucas in deciding what the colour timing should be. I'd rather go by the memory of a retried near sighted colour blind projectionist from a second run theatre than trust the timing to George.