I'd say they're probably not recording it, but I'd certainly like them to. The Actors Fund recording is fun, but it's much too polished and flashy...a hand-picked group of professionals may be able to do some neat riffs but they can't touch the spirit of the OBCR. The best news I heard out of this summer's concert version (the production of "Hair" in question, for all intents and purposes) was that the actors/singers steered clear of that Broadway showiness and actually did justice to the original cast.
The musical arrangements go a long way, too--I remember hearing that this summer's arrangements, with Galt MacDermot himself in the band, had a much more 1968 feel to them. The Actors Fund arrangements, on the other hand, took more cues from the 1979 movie than they did from the OBCR. Still a ton of fun, but a very different feeling. I think we could use a new, more authentic recording again.
But again, I doubt it will happen (unless the show ends up transferring after its run).
"If there is going to be a restoration fee, there should also be a Renaissance fee, a Middle Ages fee and a Dark Ages fee. Someone must have men in the back room making up names, euphemisms for profit."
(Emanuel Azenberg)