Well, contrary to poular belief, studios don't go out of their way to use the worst elements when transferring films, though some are defnitely lazier than others. Even though deterioration is commonplace - on some of the DVD releases I've been involved in, sound elements in particular were often so badly deteriorated on even 70s and 80s titles that they were unusable or had to be 'baked' and a copy made before they were completely ruined, while some of Film Score Monthy's archive CD score releases have had to be made from mono masters because the stereo ones are unusable - with Meteor you also have the problem that the film was produced and released by at least three different companies - AIP, Warner Bros and Run Run Shaw's outfit, which means the elements aren't necessarily stored in the same place even after the film ended up owned by just one studio. AIP went bust, Hong Kong companies are notorious for not taking care of master material and Warners lost money on the film: not a lot of incentive for looking afer the material.
As for using a print's soundtrack, that's not always as easy as it sounds with print damage, TV edits (and the TV prints of the film have sound edits for language) and noise. On a title that won't shift many copies it's often simply not viable to do that kind of patchwork restoration.
And, if you don't think deterioration is likely, check out Robert Harris' comments on why the DVD of the restored version of Lawrence of Arabia looked so poor: not much more than a decade after restoration, those restored elements themselves were in need of further work.
"Life flash before your eyes? Cup of tea, cup of tea, almost got a shag, cup of tea."
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