Give Criterion a 'crack' at it, Paramount!
Since Paramount obviously has never evinced any interest in releasing CITW, either on VHS or DVD, why not push Criterion, which now has a releasing agreement with Paramount, to put out their own, first-class, widescreen version?
Criterion has already released another sci-fi title Paramount had resolutely refused to release, ROBINSON CRUSOE ON MARS, and CRACK is even better than that film. Criterion has also put out (or plans to) such other neglected Paramount gems as ACE IN THE HOLE (the crown jewel of unreleased Paramount titles as far as I'm concerned), THE NAKED PREY, IF..., WHITE DOG, ONE-EYED JACKS, and many others (as well as versions of titles Paramount has put out, such as THE SPY WHO CAME IN FROM THE COLD). Maybe a gentle nudge to Criterion would point them toward picking up this excellent, ahead-of-its-time film for the full Criterion treatment. A Criterion DVD would be expensive, but worth it.
BTW, CRACK is available at Sci-Fi Station (scifistation.com), but having never ordered anything from that site I have no idea of the quality of the print. From the description it doesn't appear to be letterboxed anyway.