[Hitman Horton]

Originally Posted by GRC

What other 'portion' could a live recording have?

It's audio. End of. The one and only portion.

Back to the OP, and "removing microphone bumps, smoothing transitions or repairing drop-outs considered to be remastering or does ‘remastering’ only cover EQing the sound."

I have no problem with editing an existing live recording to remove or suppress intrusive audience noise, to cover drop-outs or other flaws, and, if the overall EQ is particularly bad, applying compensation to make it more listenable.

This has nothing to do with artist's intent, and is a function of the recording equipment used by the taper, and the circumstances of the taping.

Choice of microphone, position in hall, design of taping equipment, audience mood/intoxication, etc.

Question: What other 'portion' could a live recording have?
Answer: Video.