Duchamp would contest that Lucas didn't know what he had produced back in 1977; it wasn't for him to judge back then, it's not for him to judge now. And by denying the public access to a work of art that they helped create is not within his rights, even though he owns the rights.
Bob Dylan has always complained that people read too much into his songs, just as Chance The Gardener was bemused in the film Being There when society decided his simple utterances were profound aphorisms.
In short, the artist is probably not the best person to judge their own artwork, and - in my view - Lucas should probably listen to his fans and allow all versions of the films to be seen (even if that means spending a few quid digitising the originals).