He should grab the already digitized copy from the torrent, package it up into a pdf and sell it. This would make it available to people to purchase legally and if you want a paper copy you can print it from the pdf. If there was enough interest they could decide to sell the new version or not.
Given the option I think lots of folks would be willing to pay for the original version in electronic format. If it was really successful he could discount the price of the new one for folks that bought the electronic version of the original.
I guess this all hangs on how good the quality of the illegal scans were. If they were good enough he could turn an act of piracy into free labor.
