Daxx's Wife here. Our friend has SotS on laser disc and made a dub for us on VHS. It's a good copy except for the Japanese subtitles which pop up every now and then! Unfortunately, we can't turn them off ... but we'll live, I'm sure!
As for rerelease ... this is an on-going rumor and the year just changes. I remember in 2000, there was a rumor it was supposed to be released by 2003. There are a lot of people who feel this movie is racial and I think that's a big reason as to why Disney has not rereleased it.
However, if people are able to get copies, whether it be on laser disc, British format or bootleg, obviously, there are people interested in purchasing it ... who are not buying it for its racial tones but for pure enjoyment b/c it is a Disney classic ... as are the tales of Uncle Remus. And, in my opinion, SotS is no worse than Gone With The Wind and you can walk into any store and buy that movie.
If you can't get the movie, try reading some of the Uncle Remus stories ... then you'll understand the theming of the ride.