A new edition of the McGann movie will be coming out next year! As told at GallifreyBase's blog, "The special, which stars Paul McGann in his only television appearence [sic] as the Eighth Doctor, was first shown in 1996. The new release will be part of the "Revisitaions" box set, which will consist of new editions of stories that were previously released in the early days of the DVD range."
Full details can be found in the latest edition of the Doctor Who Magazine 416.
I'm hoping this suggests a re-cut! I look forward to hearing more.