When studios have famously come in and reshot and recut a film…are any of those films now known to have been genuinely terrific movies, where the cinema cut was a stinker?

Cos my sense is no, typically the recut film you end up with is pretty close to the best available.
Like, Blade Runner’s Final Cut is my preference, but let’s not pretend like the original isn’t generally the same film. All moody and vague and stylish.

It feels the same to a mass audience. Debating cuts is about tweaks to the core recipe for people with a refined palette.
Bottom line, Warner’s won’t have a brilliant Avengers cut stashed away. But rather one that might be duller but make more sense. Proportions of deficiency differing.

This prompted by me not believing Trank for a second that there’s a five-star cut of Fan4tastic Four somewhere.
Sigh. You can’t mention generic “alternate cuts of films” without angry Snyd*r bros showing up to insist you’re wrong.

It’s like a reverse Candyman where if you say “let’s consider scary film characters” into a mirror, five Candymen show up.
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