Well, good news, the Director's Cut of Manhunter is on BD now. The 2-disc version by Shout has both theatrical and director's, as well as good encoding, making it almost identical to the MGM.
But, unfortunately: the release ain't perfect and here's why. The Director's Cut of the Shout BD, based off of the version on the 2003 Anchor Bay Divimax DVD, omits a scene between Will Graham and Dr. Chilton shown in the 2001 original release of the Director's Cut. BUT, the Shout Director's Cut is not a perfect version of the 2003, containing dialogue seemingly only in the theatrical cut (Shout actually may have done right in doing this, for reasons explained below). Furthermore, the added scenes (SD inserts in Shout's version) have been filtered, appearing poorer quality than they did in 2003 (
http://caps-a-holic.com/c.php?go=1&a=0&d...49&i=4&l=1)!
An ideal fan preservation, if one were to occur, would involve reinserting the Director's Cut scenes in their full quality- a small but tangible improvement.
Beyond that it would be worth considering reinserting some of the cut material from the theatrical cut (particularly the "heart bleeds for him as a child" speech), which Mann inexplicably mentions in his Director's Cut commentary. The 2001 Director's Cut is literally from a pan-and-scan tape of a Showtime Cut further cropped to 2:35 widescreen (more info here:
http://www.manhunter1986.com/miss00.html). It's highly probable that Mann did not intend a lot of the Director's Cut's omissions, including the censored language reinstated for Shout's Director's Cut. He also probably did not intend for the credits to be awkwardly imposed over his footage (to save runtime for Showtime) If only they could get Mann to supervise a new release!
Shout apparently did not have access to any film elements for the director's cut. AFAIK, a lot of the Director's Cut extensions were taken from that same old Showtime tape. But, at least some would appear to exist in their original film. The 2001 Anchor Bay release of the "theatrical cut" was erroneously taken from a "workprint" IP containing some of the extended scenes but also deleting some dialogue (
http://www.manhunter1986.com/rg1rg202.html).
Final note: at the Michael Mann retrospective, they showed yet another cut! It was Michael Mann's personal print of the film. It had the original opening credits but omitted the end credits entirely. More notably, they didn't include the expletive when Graham attacks Lounds nor Graham talking about Lecter's two surviving victims. These omissions are like the 2001 workprint pseudo-theatrical version. The "heart bleeds for him as a child" speech was certainly there, though!