I just took a listen to both the 1987 McMaster and the Mosaic Select.
If the drop-out is the one at about 4'09, just before the horns re-enter for the closing head, then it is not present in the Select. There is a kind of a glitch at around that point, which may be inherent in the original tapes, but it does not fade like the '87 does.
Looking at the booklet for the Select, McMaster was also responsible for the transfer there, although it is presumably a fresh crack at it, as the sound is signigicantly fuller and punchier than the '87.