Wich2 wrote:
>it must be possible to reconstruct the 1925 version, using all the shots lifted from the earlier one, and completing the missing scenes with the 16mm print. Of course, it wouldn't be perfect, but it's the method they used for the restored METROPOLIS<

Agreed, and that would be a great improvement, TM!

But as we've seen over the years from several video releases, these entities don't always share print material like they should.

-Craig
It would be further from the original 25 version but on the whole nicer to look at (most of the time). Alternate takes or not, 95% of what you see in the silent version of the 29 edit was shot in 25, so it's not like splicing a hybrid of the Lugosi DRACULA with the Spanish one. 

I'm not sure why there is no effort to do this here VS some of the nice restorations of films like METROPOLIS. IMO PHANTOM is not "high art," it's no longer under copyright (I think METROPOLIS is), and it's not European. They seem to put more money toward preserving their film-heritage.