While off topic that said it is HIGHLY unlikely there will be a director's cut with new visual effects of STV:TFF
that Paramount/CBS would have to put money into. The 2003 Sp.Col. Edition DVD will be the last time I think we'll see it as it was included on Star Trek Motion Picture Collection
(Blu-Ray) but not released as a separate release you could purchase.
Highly unlikely they'll put any money into releasing a sp. col. edition Blu-Ray of STV:TFF other than less digital noise reduction on the video image. Some films we don't need to see any more work put into.
Not trying to sound like a jerk, but how do you know its highly unlikely?
They did it with TMP, so I don't see why they wouldn't do it with the only other "troubled production" Trek film. And Shatner has expressed interest in doing it, so its not like he wouldn't jump at the chance...
This is Paramount we're talking about, and when it comes to Trek, they are all about milking the franchise for all it's worth. A newly created Director's Edition would get fans (even most that loathe the movie) to fork over more cash to see it, at least as a curiosity piece.