Bumping this just to ask if there is any news. Seems exciting particularly in light of this quote...
"The dream for me," says Mann, "is to put out Imagine the Sound with a new digital audio mix. It was recorded at a 24-track studio by Phil Sheridan, so I would be able to remix it digitally and in stereo and provide some of the additional performances that Archie Shepp and Cecil Taylor did that aren't in the movie."
http://www.eye.net/eye/issue/issue_07.25.02/film/mann.php