I hadn't heard about the feature film.  Intriguing...

This has been brought up in the forum several times.  At last post, BWard said that Shout would look into it.  From what I understand, the EWJ franchise's widespread nature is part of the problem of releasing it.  Rights are split up somewhere between Universal (who Shout has done business with in the past), creator Doug Tennapel (who has expressed interest in seeing the series released), and game developer Shiny Entertainment (which, I believe, was acquired by Atari.  With the Virtual Console release, I'm betting they would be interested in a promotional tie-in, such as the release of the TV series).

The bottom line is, if this show is ever to see the light of day, it will take a company like Shout! to make it happen.  And, as has been mentioned before, Shout has a history of releasing video game TV shows, making Jim a perfect and natural addition to their catalog.  They also have exhibited the ability to acquire properties, like Freaks and Geeks, where rights issues had to be worked out.  The time is nigh; here's hoping Shout can bring back the series we love!