One could create a Kickstarter for a TFF restoration. Including going back into the archives and adding and removing stuff. That way, Paramount wouldn't have to pay one cent for the process, and they could still sell it on blu ray.
Sorry, but no. I would support a kickstarter project if it were an independent non-profit effort like some of the fan films. I would support a kickstarter project if Paramount said they were going to give the resulting cut away for free. But I am not going to contribute money to create a commercial product that Paramount is then going to sell and make money on. If they believe there is a market there, they should finance it. Star Trek
is not a charity.
Having said that, I do believe that there is enough good stuff in TFF that a recutting of the film, ala TMP:TDE could produce something worthwhile. I still think it's something of a longshot, but given the success of TOS Remastered and the TNG Blu-rays, and the renewed interest in Trek brought about by the Abrams films, I think it's more possible now than it was back when they did the DVD releases.