Any attempts to make it available in HD will mean it is no longer the "original" version. However, does this actually matter? Are you damaging the original creative intent by rescanning it all in high definition, and very probably altering the visual effects?
Of course it matters, in as far as we're talking about preserving the history of the show in its original form.
I'm all for creating expansive new visual FX shots, as was done for TOS. But redoing them to match the originals just so some can pretend to have the existing show in HD is stupid.
Harvey, probably the only decent look into TNG's effects work is Cinefex #37;
If I can find an 'online
' version I'll point to it.