Thanks to a generous fellow Argento fan (you know who you are) I've managed to get my hands on a copy of the recent German DVD release of Four Flies On Grey Velvet. From what I understand, whilst not being a bona-fide commercial release, this disc does represent the best currently available version of Dario Argento's third giallo in his 'animal' trilogy. Having made do with a bootleg version derived from a French VHS tape for so long, I am very excited about watching this new superior presentation of the film.
If only Paramount or whomever owns the rights to the film could pull their finger out and put out a full special edition package. But the likelihood seems unlikely to say the least. You know what they say "you've got two hopes... Bob and no!"