He won't make any new films. But David Lynch still has plenty of time for making albums, transcendental meditation, and thankfully, restoring Twin Peaks to bluray.
Welcometotwinpeaks.com has this recent story on the long-rumoured Twin Peaks bluray release, and offers up some more tantalising information about what Lynch's role and ambitions in this affair might be. Twin Peaks so far has had several DVD releases over the last two decades, including two separate seasons in box sets, then a Twin Peaks Gold release which bound up the two seasons and the pilot (in the UK market at least). The sequel film, Twin Peaks: Fire Walk with Me, has never been included in any DVD set (in the UK at least, I can't speak for anywhere else). So far no version of a bluray has ever been officially released in the UK.
The website quotes a recent edition of Home Media Magazine, which reported that the rights holder of the Twin Peaks series, CBS, has a team currently working on a Blu-ray-ready version of Twin Peaks and that David Lynch is “helping with the restoration“. This comes following David Lynch’s spontaneous announcement in January that a bluray was in the works (see here for the video). So overall it seems this is another confirmation that the Twin Peaks Blu-ray is actually happening, and for release this year.
The fansite concludes that given CBS as rights holder of the show is working with the co-creator, this means that fans might well see an enhanced digital remaster brought to the bluray set, different from the 1080p download of both seasons currently on iTunes US. Also the potential remains for some new footage from the show to be restored or included in some way. David Lynch already mentioned that there would be things "nobody has seen before" included in this new release. The website wonders if such unseen extras would be a nod to a restoration of some kind of the much longed-for deleted scenes from Twin Peaks: Fire Walk with Me (assuming that film is bound up with the series).