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I believe there were a couple of Disney films (Lion King, perhaps The Little Mermaid?), where newly animated sequences were added years later based on unused story boards.

But the fact is, theoretically, it should be possible to replicate any older animation process. Perhaps not flawlessly, but to a degree close enough that the experience isn't jarring. The fact that the animation industry was trying to bring back older folks who did hand drawn cell animation to teach the younger folks is a bit concerning, but theoretically, replicating an older style should be possible. Even with digital cells vs actual animation cells.

Especially since TF:TM was animated by Toei. A lot of their older folks do pass down their knowledge to the current animators.

I've been hoping for decades to see anything new that looked like TF:TM, or even the standard Sunbow TV series. It may not be practical from a cost perspective, but I dont see any reason it cant be done.