I just got done making a custom cover for this, going with the assumption it IS in widescreen, I put that for the spec info on the back however if that does change, I will change the cover to match.
Just received the call back, it IS full screen not wide and is more than likely sourced from a VHS tape. According to Televista the film is being licensed from someone in England, Orbit Films or something to that effect, and that's how they are releasing the film.
I do recall hearing the UK video was framed better than the US release - if it indeed comes from the UK video - leaving more room on the sides but not an incredible amount.
So there we have it folks, turns out it's just another VHS to DVD transfer from the folks over at Televista, hopefully someday MGM will throw it out on a double feature or something the way it should be released and we can finally have a definitive edition.