Bad approach IMO
Call me old fashioned if you want but I think there are some movies which should never have been released on Blu-Ray (even though I kinda have a weak spot for the format; Java based and all..). In many cases it takes away the magic instead of adding up to it. The same as Lucas trying to "re-do" his Star Wars movies because "that's what I had intended". Sure, all good and well, but that's not exactly what the fans lived through. What about their (childhood) memories ?
I think blue-ray is a wonderful medium, but not very suitable for older movies. Sure; back then the details weren't as crisp as they could have been, when looking at certain scenes you couldn't read the description of every dial on the control panel just when the evil villain was about to press the big red button. And now we can. Sure.
Yet that lack of detail brought its own level of experience as well. Why take it away ?
My stance on the matter: "Things do not have to /be/ perfect in order to be perceived /as/ perfect".
I have an LCD TV in my living room. I have my old CRT (100Hz even) tv in the bedroom. I'm a nut when it comes to animation. And right now I'm going over my old "Masters o/t Universe" DVD collection (all 4 boxes :-) (I don't care about the 'new' stuff)). This weekend my gf stays overnight at my place. 'tis evening, we're not ready to sleep so I turn on the dvd...
Instant hit for the both of us... Sure; the quality may be "inferior" on a technical level; but this is how we both remembered those cartoons and now we get a re-run of experiences from many years ago.
It may not be perfect, but it sure was perceived as such.
As such; my stance; leave blu-ray for the modern (computer animated) movies and keep the rest on dvd.