It's possible ML could help with a lot of that, but the budget just isn't there.
While it was shot on film, the effects weren't, each has to be created again, not just the external scenes like the Defiant shooting something, but scenes like Odo morphing
Here's a comparison picture of the DVD vs film quality though
On second thought, considering the shirts that Jake wore on the show, it's probably better for the world that we don't have the higher vibrancy film version.,,
Remember that those who do a lot of video call NTSC "Never The Same Color"
The technician over at the film lab would receive the film every day and run it through the development solution. As the image formed on the film, he kept saying to himself, ‘My God, this woman is green!’ And so he kept correcting the film developing process in order to turn her back to normal skin color again!
"Imagine everyone’s surprise, upon viewing the developed film the next day, to find the actress’ face just as normally pink skinned as ever! There was no trace of green."