Just want to make clear, you're fine with my Passion of the Christ example?
Or editing, say "Toy Story" to add several dozen F-bombs, and selling it as the Dirty version of "Toy Story", without consultation or the permission of the producers of the movie?
To be completely honest, I'm not comfortable with the examples you cite - probably because I know that there are degenerates who would do such things (though I haven't seen anyone actually doing it - so maybe there isn't much of a market).
But, if someone wants to buy a copy of a movie and pay for editing services on their purchased copy, then I have to say that I have no issue with that.
Have the studios allowed that anywhere else? It's important because in this case the studios have already approved the exact same cuts these companies are making in the versions they already sold to network TV and the airlines.