Don't some Chinese/HK DVD bootlegs come with English subs as well? Even though the series is actually unlicenced in the North America and Europe.
And yea, updating old VHS-fansubs to the digital age is nice. Some older series quite simply deserve it, and with some OCR...
One could still question whether it qualifies as fansubbing, or simply as re-encoding/revamping the work of fansubbers, but at least it'd make it something that is discussable on here. ^_^
GL beast.