I'd purchase what you propose in a heartbeat -- but it seems, at present, unlikely. In lieu of that, a 4:3 version (which would look far better, since the effects wouldn't be crappy due to cropping and zooming) would be preferable to the versions that exist in wide circulation at the moment, and take a far smaller investment from Warner Bros. But, it too, is unlikely.
You mentioned the home video market is shrinking, which is true, which is why I hope we will eventually be able to purchase the show for download via iTunes or some other source in 4:3. Actually, can it be purchased via iTunes? I don't use it so I'm not sure.