Considering WB and Fox worked out a settlement to get Watchmen in theaters, yes, that's all it would take.
DYRL? compacted a good chunk of SDFM into 2 hours. I don't think it would be that hard to do the same with RT's "Macross Saga". Just take the main highlights and toss the rest. And we are talking about Robotech here, not Macross. If you guys are thinking about a literal translation, word for word, cel for cel, then that probably wouldn't work for a movie format. A serialized TV show can drag things out. A movie has to compress it down to just the essentials.
Transformers did it and pulled it off. Star Trek is doing it and it looks like that's going to pull it off as well. Rebooting/reimaging/etc. can be done and legal headaches can be minimized.