I think the reason it hasn't been released mostly comes down to "why bother?" with a touch of "even the guy who made this doesn't seem so high on doing it". Though if we do see a release one day, I wouldn't be surprised if it's somewhat modernized with the usual de-graining (then re-graining) and sharpening. I say this because if they want to go the lazy route, they'd realize that the unaltered portions of their 4k versions can be used for a "theatrical cut"; they'd only have to run the same restoration on the segments of the negative that were spliced out, and then they'd likely try to make those segments match the surrounding footage so they'd use their degrain/regrain/sharpen techniques. I'd personally prefer if they respected the original grain and unevenness in sharpness, but who knows if they'd have the same purist mindset.