Downtime is already out there, though, right? Just in Doctorless form. Based on McCoy's appearance in this version, we're better off that way.
Well, yes, it's on video. And there's a Missing Adventure novelization (which has an epilogue with the third Doctor -- he meets Victoria by chance and they have a conversation, only she has no idea who she's talking to).
If Levine had any sense, he (since he holds the video rights to Downtime) should have found a way to release it on DVD in its natural form five or six years ago in the wake of "School Reunion" and The Sarah Jane Adventures. Downtime, cheaply made as it was, has some good marketing hooks.
But he wants it to be "proper" Doctor Who. In this case, I don't know why he bothers.
I didn't realize it had never been released on DVD. I watched a little bit of it on YouTube once-- aside from Lis Sladen and Nick Courtney, everyone is awful, and even they barely succeed in making the dialogue "work." Marc Platt can do better! I wonder how much of my perception of the flatness comes down to its pedestrian direction; you'd think they'd hired Pennant Roberts.