I assume the original film elements still exist (or is Warner Bros. really that stupid?) but they'll probably never see the light of day in the near future. Babylon 5 just appeals to too small an audience for redone effects to be worth doing.
It's too bad somebody like you can't their hands on those elements, though, David_cgc. The shots where computer animation and live action footage are composited look especially horrible on the widescreen DVDs we have right now.
They should totally crowd-source the effects shots out to the fan community.