Is there or has there been a worthwhile DVD release of this movie?

Cheezy Flicks put it out last year. Pretty sure Amazon.com has it for sale. It comes with 3D glasses, though, if you've seen THE MASK, you know only parts of it are in 3D ("Put the glasses ON!!!"). It's not that great-looking, but A) you can get it pretty cheap (at least in the U.S.) and B) it's THE MASK.

The Cheezy Flicks DVD release looks to have been "mastered" from the old Rhino VHS tape. Not from the Rhino laserdisc, mind you, which would have looked better, but from the Rhino videocassette.

I've always been surprised that Rhino didn't release THE MASK themselves, having released it on VHS and laserdisc. Rhino did release a pretty good 3-D DVD of THE BUBBLE (Arch Oboler).

I believe Cheezy Flicks is another bootleg label, like Red Sun.