Nope it's not a rumor: http://www.amazon.com/exec/obidos/tg/detail/-/B00011ZBRA/qid=1074052142/sr=1-3/ref=sr_1_3/104-2524765-0303108?v=glance&s=dvd
I think it's a good thing, at least for me, someone who never got around to buying all of the first run of DVDs. Its also good for people like me who prefer versions of movies/shows whos picture and sound is better quality-wise. PLUS-it's extended, which is very cool.
How exactly would it screw up the timeline? Were they taken out because when they re-wrtoe the story into Robotech, they figured these would clash with the new plot? Plus do you know if these delted scenes now make "macross" totally uncut? At least from a visual aspect anyways?