I think that if it was good enough to be released on DVD, then it's good enough for blu. I would hope that just because a few years have gone by since the DVDs, it would not be swept up in the current tidal wave of PC culture. That would be a shame because John Ritter's comedy chops deserve to be seen in action.
So it's a very interesting question. (While I was not a regular watcher of the show, I could not help but appreciate Ritter's genius.)
I think this was shot on tape, not film, so the resolution would not be great for bluray. DVD is likely the best it will get. Unless the studios wants to sink money into the project upscaling it, which is not likely.