Oh, I'd do it, too.
Seriously, guys... Yeah, a lot of work was completed a while ago, and it's no fun sitting on it for so long. Working in any art form, you'll always be refining technique, learning new methods, and exploring new directions. Art gets stagnant otherwise. But even if you feel your ability has progressed, that by no means takes away the value of older works.
I can say with complete honesty that I've enjoyed every single track you guys have contributed. I believe they all bring something unique to the project and make it a fuller experience overall, and I'd really hate to see any of them removed.
Since it looks like we'll be looking at an extension due to "outside" factors, people who really feel the need to touch up their existing tracks would have time to do so, I suppose... I just don't want that to turn into procrastination. I'd say that unless the update is timely, the current versions will be used regardless so there's no further wait. However, I seriously don't see that as necessary in the first place - I'm more than happy with the versions we have. You guys have done some excellent work here.