The only way to release one would be to add it to each console's online store and allow people to download for free.
Some people might be unable to download this if they don't have a large enough hard drive, obviously, but it would make the game look so much better. (Not saying it doesn't look great now, just some parts seem to look extremely lo-res)
Currently there is a known bug that downgrades the texture quality of Skyrim if you install on the 360 (I don't think it does this on the PS3) and normally that is supposed to improve the quality.
So would you want something like that for Skyrim?