Thanks for comparison. King released this, not Fortune Star (the latter only provided the materials).
Longer running time is probably because Megastar used an improperly converted PAL>NTSC master, but yes, good point. I believe some of the deleted footage is in the trailer. One report said it was cut prior to being released (jumps in soundtrack too), as opposed to editing the original masters.
Is the English dub by Golden Harvest (export international)? Megastar was it, but in 5.1 only (infact, is the mono in King a downmix?).
I'm pissed off about the print damage too. However, some shots where freeze frames happen are unlikely to be fixable directly (due to the fact that the original frame these repeated frames were taken from, wasn't pristine in the first place - come to think of it, this theory probably applies all the time when making a duplicate print). At least the image looks better overall.
Second comparison down - the black-coated gentleman looks like Dracula (King cap)

.