Universal won't give the rights back to FSOL. They signed a contract selling the rights off. The only way to get them back would be to buy them, and that would cost way more than the band could afford.
Sad that the people who own the rights to such things are the ones who will do little or nothing at all to celebrate its anniversary or even its very existence. And if they ever did, it would be done in the laziest way possible just to make a few quid off of it i.e just a bonus disc with the Cascade/Lifeforms EPs slapped on there.
Given the market for deluxe reissues these days (and it's a huge one), I doubt they'd do that - there's no reason they wouldn't ask the band if they wanted to contribute unreleased material. It'd become immensely more profitable by doing so.
And they did reissue the LP 18 months ago, so they're obviously aware of its existence. There'll be a thousand factors deciding whether a deluxe reissue actually happens, so we just have to hope that they consider it feasible - a campaign like this can do no harm in showing customer interest!
I'd say it's encouraging what Universal have done recently with Tangerine Dream's back catalogue, the full bells and whistles boxed set treatment with stuff the band surely didn't even know still existed. The fact that that seems to have sold well will be encouraging for the prospect of other bands like FSOL.
I guess the difference is that Gaz and Brian came to Virgin with a bona fide hits under their belts already, and as such they seem to be quite a bit more in control of/aware of their archives. I would have thought there would be a fair bit of interest in such a release, and the campaign can only show that there is interest, especially if a lot of people sign it.