First off, I have to say I do prefer RTD. Some of my favourite stories of all time come from that era. I even loved The Aliens of London. I liked the idea. Yes the Slithen (or however you spell it) weren't exactly the best monsters, but didn't many classic series episodes have bad monsters with stories that are now considered classics? The Moff can write good stories though.
And as for the missing episodes, I will believe it when I see it. But the thing is, what we mostly get is rumor after rumor (my personal favourite being the one with some guy on Gallifrey Base claiming The Moonbase ep.1 was being held at a car boot sale near a burger van
) But the thing with the Macra Terror, is that it is an investigation, not a rumor. It's not been made up: episodes from that story were screened at that school. The only question is what happened to the prints afterwards. Hopefully, we'll get lucky. For all we know, they could have the full story in the vaults by now. Here's hoping!
Here's the thread
Was Macra shown in New Zealand (revisited)? | www.missing-episodes.com