Is it possible for Paramount to release a blu-ray version?

I don't understand your point. Broadcast video is put onto DVD all the time (like All In The Family and The Cosby Show). And it is possible for it to be put on blu ray too, however, there would be no benefit because 80's era broadcast video is not HD. You are seeing it in the best possible way on DVD.

The focus of real greed lies with unrestrained Government.

Trust me, if they ever release Delirious and/or Raw on BD, I'd be all over it.

I am your father’s brother’s nephew’s cousin’s former roommate.

The age isn't what matters. What matters is the format it was shot on. If it was shot on standard-definition video (like Eddie Murphy: Delirious was), then a DVD can deliver its full picture quality.

If it was shot on film (like Eddie Murphy: Raw was, as well as nearly all Hollywood movies and many TV shows from the 20th and early 21st centuries), then DVD can't deliver its full picture quality. For that matter, not even standard Blu-ray (1080p) can deliver the full picture quality of a good 35mm film negative, let alone 70mm. UHD Blu-ray (2160p, often referred to [erroneously] as "4K") can theoretically deliver the full quality of a good 35mm negative, but not 70mm (not even close). Very few movies were shot on 70mm though.