See http://en.wikipedia.org/wiki/Operation_Entebbe for why this is important.
I'm not sure where you see this. There were French and American Jews who were among the hostages. In fact, the Israeli forces accidentally killed a French Jew.
> there's even a good chance I would not be officially recognized as Jewish.
If one of your grandparents is Jewish, by Israeli law, you are entitled to citizenship as a Jew.
My mother converted to Judaism before I was born. I do not know if the Israeli courts would recognize that conversion. My case is weaker than some of the people profiled in this NY Times piece: http://www.nytimes.com/2008/03/02/magazine/02jewishness-t.ht...
Also, if your mother converted to Judaism before you were born, you're 100% Jewish. The only potential sticking point would be if she was converted under Orthodox law. I am not familiar with the Rabbinate's position on that, but 99% of the Jewish world recognizes you as a Jew. Your case is quite strong as a matter of fact.