If someone else releases this with the same video and improved audio, I'll snap it up in a New York second. But until then, I'm happier owning this release than I would be not owning it. Even with whatever problems one may find in it, it's still the best I've ever seen for this film.
It was originally made by Warner Bros., who presumably has any original elements. But given that it's been released on DVD by some P.D. labels, it must've fallen into the Public Domain.
Indicator used to have a lot of region-free titles, mostly from Sony. But a year or so ago, Sony requested that they region-lock their titles.
They wouldn't likely be doing The Court Jester anyway. They've only released one Paramount title (Badge 373), and don't have any others in the pipeline...