Yeah. For sure. It would need some more tidying up but it's cinema worthy. Freshen up some of those composited shots of the alien and a few other FX and it would be deserving of cinema release.
'ALIEN 3' is a sturdy entry into the series. It's not perfect, we all know and acknowledge that that egg is a problem. Nonetheless, of all the 'ALIEN' movies from last Century, this one has arguably aged the best, if anything it has improved with time. Largely due to the repeat attempts at restoring it closer to what it should have been in the first place. One thing for sure, it's a damned sight better than 90% of content that passes as SF in cinema today. If it's ringed by neon blue lights and features a cast that would look at home in 'Beverley Hills 90210' it must be sci-fi! f**k that.
Oh, and retconners r gon hate no matter what. Especially anything that enforces this movie's rightful place in the series.
Go 'ALIEN 3'! Would love to see a cinematic release.