Isn't the issue with DS9 more dire, though? TNG was shot on film and I believe so were most of the final effects shots, only the composites were done on videotape. There's some video-only effects stuff that had to be completely redone, but it was more a task of finding, reassembling, and cleaning up existing stuff. DS9 and Voyager have so much more CG that would have to be wrangled or recreated; there's conflicting reports on whether the bulk of this stuff is still lying around on hard drives somewhere, is lost or somewhere in between. Ultimately it's going to be a lot more work for unfortunately not as much bang, I think, given that the CG stuff is probably not going to hold up as well. Still it would be great to get all of Trek in a format for the future.
DS9 was still mostly practical effects for its early run afaik. Voyager was the one that was pushing the CG envelope.