It's my favorite movie. I've spent a lifetime absorbing everything I could about how it came to be.
I would love a Blu-ray release of Wizard of Oz, with the extended Scarecrow's dance available to play seamlessly in the movie. "Seamless branching" (as it is called) is possible with Blu-ray. No glitches, pauses, or shifts. That's how they put all three versions of Close Encounters on the same BD. They all branch off to include or exclude the various scenes.
That said... I'm not sure I'd want to HAVE to watch it with that extended dance included.
There was a reason the dance was cut. Aside from slowing the film down a bit, the three "companions" that Dorothy meets are balanced very carefully with relevance in the film. It was something the writers wanted, but also the stars that were playing the parts. They wanted the roles balanced so there would be no upstaging (some argue that it might have been contractual as well, but I've never seen it included in any legal contracts for their work in "Oz"), so MGM did the following:
Scarecrow---gets the most screen time in the movie and the most lines, since he's the first one Dorothy meets on her journey.
Tinman---not on screen as much as the Scarecrow, so he gets an extra dance during his song to add a little presence to the role.
Lion---not on screen as much as the other two, so he gets a shortened version of the "If I Only Had..." song, but then gets his very own number (If I Were King Of the Forest).
That's how the writers balanced the roles.
Add the dance in for the Scarecrow, and the balance of the trio is thrown off.
"Jaws is the Citizen Kane of movies."
blocked: logan2, Diamonds3, Hamilton22