I would assume when you mention flying people, you're referring to the musicians who played on the album? I can understand reasons why the original artists should remake their own album, but what if you just had the current Kayo lineup do it?
Yes, yes, I know that there are only, what...two members that have carried over from My Fruit to current Kayo Dot. However, using the current members, it's far more likely to happen, economically speaking...also, everyone can put their own personality into the previously recorded parts, so it'll sound like the original, but feel a little different. Maybe even add some things that might help the songs, or change things...after you've had about ten years to dwell on the material.