Yes, a Complete TOE box along the lines of Arkadin would be fab.
I posted my reservations about the Schmidlin/Murch cut a couple years ago. In short, I studied the complete memo, viewed the long version of the film and the new cut, and came up with some conclusions that surprised me.
Based solely on what I read and what I saw, I concluded that the long version was not the preview cut that Welles had viewed, but instead was one that Universal had reworked back in '58 to include several of the requests Welles had made. Read that memo and see how many of those changes had already been done. However, Universal then decided to drastically chop the film down and throw most of their rework in the dustbin.
As a result, there weren't many edits that Schmidlin/Murch actually did, and I had trouble with some of changes they made and some they didn't make. Off the top of my head, their changes were: 1) the titleless intro with the new sound montage, 2) the crosscutting between the Susan/Grande and Vargas/Quinlan scenes, 3) a quicker cut off of Susan's awkward closeup in the motel door, 4) reversing/extending the closeup of the dead Grande, 5) removing the shot of Joe Calleia looking defeated with his head on the table, 6) re-editing the exchange of looks between Quinlan and Tanja, and 7) re-editing the collapse of Quinlan into the muck to coincide with the closing of the tape recorder. That's not a lot of work to justify waving one's "restored to Orson Welles' original vision" flag. Compare that to Stefan's work on Arkadin or the nightmare Franco had to deal with on Quixote.
My biggest complaint involved the crosscutting in 2) for which Welles had specified the line where the cut should occur, but Schmidlin/Murch didn't cut it at that point. I seem to recall Schmidlin saying in an interview that they crosscut at precisely the right moment, and as I said a year or two ago, maybe they did, but it wasn't at the moment Welles requested. Personally, I dislike the crosscutting very much. I find it sloppy and confusing and wonder how it would play with the cut Welles requested. Perhaps I'll do it myself sometime so I can see.
Further, they didn't make a change Welles requested, namely removing the shot of Ray Collins when he says "you don't mean he's mixed up in this dope ring himself." Welles thought it was a bad cut going from the closeup of Ray to the subsequent two-shot of Quinlan and the DA. I'm still waiting for it to be removed in accordance with "Orson Welles' vision."
I too favour the use of the Mancini theme for the opening. I could do without the titles, but that music is too powerful not to use. I was very disappointed that they didn't at least use it for their extended restoration credit roll at the end. Instead they used some vague moody piece off the soundtrack cd.
Finally, I too find the widescreen matting to be just terrible. That TOE box should feature the new cut in fullframe, so we can again actually see what Russell Metty shot.
I'll chalk up any discrepancies to fuzzy memory, since it's been a chunk of time since I did that detective work.
Sto Pro Veritate