It depends for me on if I'm watching with someone or not. By myself I can deal with lower video quality stuff if it's the most accurate possible version of the episode. If I'm watching with people I'm going to look for the highest quality AND most accurate version out there. WKRP is a perfect example in that that newer DVD set is fantastic in that it's only missing like 10-15% or so of the music so watching that with friends I can deal with because if I'm watching something with friends I'm not going to be like "yo dude this is how we're going to watch this" as I force them to watch some third generation VHS rips in mono sound with a VHS whining noise in the background. It's such a interesting conundrum in that sometimes in some cases you're never going to get an uncut master set of some shows (The Days and Nights of Molly Dodd, I'm looking at you) due to music licensing issues (can I just say what a fucking joke music rights laws are? that's another rant for another time but at what point is it about greed and stubbornness over whatever the fuck those laws were made for in the first place? does anyone in the industry even understand what they're about anymore? I'm not really interested in discussing this so don't reply to this part) so you gotta make due with what's out there. As MST3K used to say before kind of walking it back in recent years, Keep Circulating the Tapes.

Honestly my answer to the "what do you prefer" question is "why not both?" I am completely fine with owning original broadcast copies that are 100% complete and accurate AS WELL as a nice quality DVD/blu-ray/streaming/digital set that are at like, 90-95% complete accuracy with music and things of that nature. Your example of WKRP is solid but mine of The Wonder Years is most accurate to me in that the syndication edits were for a very long time the most "correct" way of watching that series in nice quality because the idea of getting the rights to the music to that show seemed impossible. It's one of my favorite shows of all-time and one that means a lot to me, you know?

Really, the deep dark secret correct answer that will likely never happen because of the amount of time and work that would have to be dedicated to it is having someone with proper editing skills go and take the music/deleted scenes from original broadcasts and just insert them into the nice streaming/blu-ray/DVD quality copies. There's someone who has been on and off doing this with old pro wrestling shows where they take the WWE Network copies and put the missing music/segments in them and it's been a godsend. You know, sort of similar of a concept to that Beavis and Butt-head King Turd Collection that's out there. But for stuff like Beavis and Butt-head and old WWF PPVs there's a market for people interested in that. You'll be hard pressed to find someone who'll want to do that for a niche show that doesn't even make it to say, MeTV or something anymore.