A 60 minute extended cut of "The Measure of a Man"? Count me in!
Here's hoping for extended cuts of more popular episodes. Why not? As long as we still have the option to watch the episode in the original length, I think this is a great idea.
The way she's written the tweet could hopefully mean that, or it could be she's had a (lower quality) first cut all this time, and they will just lift the additional scenes for inclusion as an extra.
You're right, it could be just a low quality extra, which would be disappointing... but she says she has to give it (whatever it is -- blu-ray or VHS) "back to CBS" implying they (CBS) gave it to her, not Paramount back in 1988. But I see what you're saying.
Since they've scanned all the film, they've got the footage now in HD as digital files, so why not re-incorporate the footage back into the episode? The only scenes that require VFX are the beam-in in the Transporter Room and the Ready Room scenes with the Admiral on Picard's Viewer.
The hardest part, I suppose, would be locating the correct audio reels and doing a new mix for those scenes with correct sound effects.