Keeping Saga a freeware mod/game/campaign is of course out of the question, which doesn't mean that I wouldn't pay for it (actually I would pay a lot), but it was announced as freeware and it should stay that way. But future projects...
The two demo releases with the WC3 and 4 missions pointed out, that a conversion (including the sequences) is possible - ok, I don't know how much time was needed... but:
I completly agree Lars, EA very likely won't invest anything in a bunch of free-time-mod-coders. But maybe they would take a done conversion, or they would at least give the quarantee to take it, if they could see a well made demo (which of course should have some 2D selection-screens and some A/B-sequence-choices, to show that this is possible too) and then a percental benefit share as payment for you guys wouldn't be unrealistic.
The financial risk for EA wouldn't be high, publishing-costs could be minimized if they do it online like:
Wing Commander 3 revised/gold/platinum/whatever - download now for 14,99$
And about the "exact copys with just more up to date graphics", well... what about all the gold-versions of games which become published just one or two years after the original - often there are much minor changes then better graphics. But to name you one:
The "Tie Fighter" CD-version with SVGA and shaders
Sure, thats a very late gold version of WC3, but on the other hand this means there are a lot of kids (new customers) out there, to which this game would be completly new.
Long story short, this realy should be something to think about AFTER Saga is released (which means after all the 3D-models are there and working as well as the mod-engine and so on) because I, like you indicated for yourself, have given up the hope about another thrilling WC-Game from one of the big companies. But the Saga-mod, as far as I have experienced it, hast the potential for more and a conversion of WC3 and maybe 4 could be an easy entrance to the commercial sphere which could bring the franchise to a broader audience again and could guarantee a real sequel (or prequel?) if it runs well. Yes, many "coulds", I know... but you can't forbid me to dream ;-)