There must be some out there. The version I saw was in poor shape, obviously off of a 10th generation Vhs tape that had been through a shredder a few times.
------------------- "I've never seen a sight, that didn't look better lookin' back".
The original 8mm film version itself will be in good condition, it's just I've only ever seen one VHS transfer kicking around. Someone somewhere must have a VHS version before it was copied and copied and copied, and lost all quality.
It was supposed to be released a few years ago in the Book of the Dead Dvd, but was pulled. It'll be officially released one day.
------------------- "I've never seen a sight, that didn't look better lookin' back".
Unlikely. According to Bruce C., they used copyrighted music for the soundtrack so unless they purchased the rights or replaced the music they can't put it out on DVD. It's a shame. A DVD of all of their Super-8 films would be great for fans.
Plus, also according to Campbell, Sam Raimi doesn't like it. He sees it was a juvenile, amateurish attempt at film making. and Campbell also said that he wasn't to fond of "Showing his pimply ass to the world (His exact words)" either.