Why do you need to upscale the whole rip?
You say you want to create original artwork from screengrabs can't you just "upscale" the screengrab?
Photoshop doesn't uprez or fake as well as a video that's been upscaled. Think of a bluray player upscaling a dvd - looks pretty good, and your source image is then crisper to rotoscope, rather than a blurry SD image that is untraceable and trying to crisp it in photoshop. Always better to work with a source that is high as possible rather than the reverse.
EDIT: My best hope might be to try trial software. I've read about Apple's Compressor, so we'll see.