Wow that sounds incredible! I don't think anyone's ever tried anything like it. All that's available is DVD transfers of 25 year old VHS tapes which are really quite ropey.I'm working on ripping some of those DVDs into .avi XVids and turning my box into a makeshift fileserver to host em on.But your idea sounds amazing, far better in the long-run. Seeing the show how is was meant to be shown in full-quality would be astounding.
Dream big and bold and daring.