In a world of limitless resources, I'd be all for this. But if it did happen, it would delay the subsequent seasons, which would not be OK. The project is just way too big to justify, unlike a new restoration of a 2+ hour movie, like with Gladiator or Patton.
Off the top of my head, for every 10 effects shots in Season 2, 6 are underwhelming but satisfactory, 3 are decent, and 1 is a complete screw-up. For every 100 shots of live action, 5 are too grainy, 10 are not grainy enough or are too DNRed, 5 have bluescreen leak, and the rest are decent. A fairly above-average effort from HTV considering their résumé.
Now with Enterprise coming out on Blu-ray, that's pretty much free money for CBS as it will cost very little to release. It will only provide more capital to continue HD restorations of the rest of TV Trek. I'm glad DS9 comes before Voyager chronologically. I would not trust Voyager Blu-ray sales to keep the project alive. I'm done after DS9 Season 7.