HD does not automatically equal widescreen. There are already several Blu-ray and/or HD DVD discs out in 4X3, such as CASABLANCA, THE ADVENTURES OF ROBIN HOOD, or the upcoming QUO VADIS. All of these are 1080p discs.
Putting out the 1939 version of GULLIVERS TRAVELS in a widescreen format would be a big mistake, just as bad a panning and scanning a Panavision film.
If you think this is a good idea then obviously you don't care about the integrity of the original film at all, and would probably be better off watching something more recent.
Cropping, streching, panning and scanning or tilt and scanning are all just plain wrong. If you can't handle watching movies as intended, why even bother watching them at all? It's like reading a book in which half the pages have been torn out; it isn't the original work at all.