OK, I had to register just to try and help clear some of this up. You guys seem to have a grasp of the problem, but some weird ideas about the technology.
The "container" format for Bluray is .m2ts. It can contain video in 1280*720p or 1920*1080p. This content can be compressed using several different MPEG variants, VC1, MPEG4 H.264 AVC and MPEG2.
Now DVD's used MPEG2 at varying resolutions with the highest being 720*480 widescreen I believe.
Theoretically, if you had a BD player that wasn't too picky about standards you could put a whole season in SD MPEG2 on a Bluray. But I have a feeling quite a few players would freak out when there was a 50gb disc with 480p content.
These old eps were shot in 35mm analog fim, which can be HD digitized pretty easily. The problem is that the final, edited copy of the eps with cuts and scene changes, music score attached and effects in place.
That was all done on extremely high-end professional magnetic tape made specifically for TV editing. Where the original film contains all this information that was extraneous to the original process but we can make use of now, the edited tapes contain ONLY what was intended for broadcast. So it's all 480i analog stereo.
Even the digital effect in VOY and late DS9 was printed to film and brought in to this process.
Digital effects don't fare much better. Lucasfilm had completely lost the Norway, Sabre, and Steamrunner from First Contact when Foundation Imaging asked for them and had to rebuild the Sovereign from scratch at least once. I can't imagine the TV ships fared better. Foundation and Digital Muse had two different digital Defiants with completely different deflectors. Now, imagine going back ten to twenty years later and CBS digital wants the source files... half the companies that worked on the effects don't even exist anymore.
If this happens, it's going to be a huge project that will have to be paid off through not just disc sales, but also sindication through a major outlet. Big money. Syfy under Comcast would barely have this kind of money around in this economy. Only if it's going to be a headline show.
But then... why not just a Star Trek network?