I fully agree however, releasing a new blu might create more problems for them - as some unscrupulous folks might buy the 4k replace the new blu-ray with the old and return it for a refund.
So long as your 4K player supports it, you can output to 1080p (so long as you use a 4K rated HDMI...
The enclosed blu-ray is a shiny new copy of the old blu-ray including reference to BDLive when you play the disc and no grain to be seen (in the titles anyway).