I've never understood the Ewok hate, actually. They're funny and silly, but in true sci-fi fashion, they have their own society and culture, and they organize to help fight the bad guys. They brought some levity to things.
I have been waiting my whole life for a version that is the original and is widescreen and 5.1.
5.1 would be cool, but if you want a presentation completely true to the original theatrical version, it would be Dolby Stereo. There was no 5.1 at the time. They'd have to synthesize it, or remaster it from existing elements (if the multitracks even still exist -- I don't know how it works with movies).
My system has several modes, including 7.1/5.1, "Enhanced Surround" (synthesized surround from a stereo soundtrack), and "Multi-Stereo". "Multi-Stereo" assigns all Left speakers (front, rear, surround) to the Left channel and all Right speakers (front, rear, surround) to the Right channel, while sending a combined mono to the Center and Subwoofer. Regular FM radio, iPod, and vinyl all sound pretty great this way, and this is also the setting I use for older movies with 2.0 (stereo) soundtracks.
People would whine about buying Blu-rays with "only 2.0" soundtracks, but even if they cook up 5.1 soundtracks for them, they should at least offer 2.0 as an option. I'm pretty sure that that was the original presentation.