Just to insert what little other information I know, there just isn't anything going on right now regarding a proper restoration of IAMMMMW. What a shame…
Besides the fine folks on this forum, there are many, many others who also desperately want to see a full and proper restoration of the film. The 40th Anniversary Screening at the Cinerama Dome in Hollywood was a terrific experience. A brand new 70mm print (even though it was the short version), but with the "Police Calls" intermission audio (6m11s) playing in the lobby during intermission. And my understanding was that the other screening at the other Cinerama houses were equally popular.
Aside from consumers, the actual people who would be involved with any restoration are just waiting around hoping that it will eventually happen. I think we all know that Robert Harris is ready and willing to move forward with this should a restoration get funded. One of the other "main" people waiting for something to happen is Joshua Berman -- he's responsible for providing the majority of the missing footage, outtakes, alt. takes, etc. used to put together the fantastic LD edition.
Josh is a very, very old friend of mine, back from when we were teens (ugh…over 30 years ago; feeling old again). We talk at least once a week, and the subject of IAMMMMW frequently comes up. If there was ANY movement going on regarding a restoration, Josh would be aware of it and involved. And as of our last talk a couple days ago -- when I told him about the continuing interest in the forum topic here -- he said there's nothing going on at all.
However, he says that even though a proper restoration is long overdue, the extra delays have not been an entirely "bad" thing. As of this point in time, nearly all of the missing footage and audio tracks has been located, I believe within a minute or two at most. (Robert could probably elaborate more than I could). For where some audio is missing, the original actors for the scene(s) are amazingly still with us and could reloop their own voices. Hopefully this will get done before they are among the departed. (Back when the LD edition was being produced 12 years ago, they wanted to get the actors in to reloop the missing audio for this footage so it could be added back in -- itunfortunately didn't get approved.)
And for those of us who wanted to have more of Buster Keaton in the film, one major missing bit of audio was also rediscovered a couple years back… a sequence where Culpepper (Spencer Tracy) went to a Baskin-Robbins for a yummy hot fudge sundae. While in the store, Culpepper calls up Jimmy (Buster Keaton), and a split-screen phone conversation followed. So the audio was rediscovered, but unfortunately the matching footage is still missing. However, Josh told me that a bunch of on-set stills taken during the filming of this sequence were found, and could easily be used to fill-in for the missing footage is necessary (ala: "A Star is Born," "Greed," etc.).
And again, the complete "Police Calls" intermission broadcasts are back with us again.
So, even though the delay has been horrendous, it's also proven invaluable for the relocation of nearly all of the missing elements that would provide for a proper restoration. A big thanks should go out to Robert Harris, Josh Berman, Jim Kroeper and a few others for their continued efforts at locating these materials and trying to see that a restoration occurs.
Now we just have to wait until someone at Sony decides that a restoration of the film is required and funds the project. Sony has had a good track record with restorations over the years, and now that they own MGM (and thus own IAMMMMD, hopefully they will want to add it's restoration to their catalogue.
I'm sure it's only a matter of time until it happens… oh, and money, of course.