The solution to all this is really simple.
- forget recording a new song, it will invariably sound shite, no matter how good the intentions, it just will, so don't waste your time
- forget resurrecting something from the past, it will mean lots to some people, and nothing to others (see discussion above)
- forget forcing this sort of thing on people by calling it official, it'll never work
- not only will it not work, it will, for most people, just be a bit embarrassing.