VCB-Studio recently released an encode of Last Exile. Unfortunately, the encode is temporally unstable, so I can't recommend it over existing versions. One problem with aggressive AI upscaling is that slow pans and zooms will get "wiggly" and/or start shimmering. The zoom at 01, 9:08 is one example, and the pan at 01, 9:53 is another.
More broadly, although aggressive AI upscaling = sharp and sharp = good, things like CUGAN will inevitably make bad decisions about what's going on in a scene. In comparison 2 below, some of the tresses on the ship get nuked. In comparion 4, some of the windows of the buildings get merged into lines incorrectly. Also, if I may give my personal opinion, the CGI in this show should have stayed blurry. Yuck.
Anyway, this is Urotsuki's encode of the show, which has some problems but which is probably the best option.
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