I'll have to take exception to part of your statement. While the additional footage included in the "saga" version is invaluable, these two films in their theatrical release versions are among the pinnacles of achievement in American film and their preservation is essential.
From what the report said the camera negative was in pretty bad shape, so I would assume that they would have to make new elements in the restoration process. But maybe Robert Harris can talk about this at some point. That is of course if this story is more than just a rumor.