>> I don't think so, because people would believe
>> false information about the ship going down
No they won't. Everyone knows that the Titanic broke in two. The information is everywhere in every bit of documentation on the Titanic since the wreck was found.
I'm not so concerned about the footage being edited together. It's just a fan-edit and not an official thing. ANTR will never be re-edited because the owners of it (Rank or whoever) would never allow it. Wasn't it the highest-grossing British film in history up to that point? I guess we could always edit different footage into Spartacus or Ben-Hur or Gone With the Wind to reflect the latest research...
The most-watched British film at that time was Spring in Park Lane (1948). ANTR made less money than the low budget Carry On comedies, and its viewing figures in the US were especially disappointing. But it might well have cost more than any other UK production up to that point.