the issue was never can it be done, but a much more reasonable Is it financially responsible to do it? Will syndication pay more for an HD version of TNG and will the BD versions sell enough for the project to make a profit (hell, or even break even?) I desperately want this to happen, but even I don't think it's a possibility at this time for this reason.
This isn't like TOS, which only had three seasons to work with. TNG had seven. It would take years
to remaster the whole thing for HD. I highly doubt this would bring in more profit than they'd spend on doing it.
Remember, all special effects would have to be redone from scratch
. That, coupled with re-editing the existing film elements, all adds up to a TON of money.
I can see a 'HD fan collective' thing, but not the whole show. Can they even afford to do this?