It really depends, re-editing all of the episodes from the original film negatives would be an enormous undertaking. Every episode would pretty much need to be redone from scratch. That's even assuming the negatives are in any condition to undergo the process and won't need fixing/reproducing themselves.
CBS/Paramount isn't stupid (unlike, say, the way Warner Bros. treated Babylon 5
). I'm sure the negatives have been well-preserved. They're almost certainly in better shape than the 35mm film of the original Star Trek
, since they were edited on video and thus subjected the film negatives to less wear and tear.
Instead of doing the entire show why not hold a vote and remaster the all-time ten fan-favorite episodes for special release. Odds are "shades of gray" will NOT be one of them.
Hold the vote on Star Trek Online keep the voting open for six months then make it so.
True, although "Shades of Grey" would be one of the easiest episodes to remaster, since it's mostly composed of clips from other episodes and stock shots.