@robokungfu: No sadly this is not. It is just OVA 3 (the last seven episodes of the OVA series). Funimation did get the rights to pretty much everything Tenchi Muyo related last year, which means that we can look forward to a blu-ray release of the first two OVA series along with the three movies. I expect blu-ray because Japan has blu-ray versions of the OVAs and movies. I would also expect a full re-release of Tenchi Universe also which is good news for Tenchi fans.
@fragilenin: Will the blu-ray re-release of Tenchi Universe have the original English dubs from the Toonami original? The reason why I asked is because OVA 3 changed Ryoko's voice actor to someone terrible.
@Kou_Leifoh: While I don't know about a blu-ray re-release of Tenchi Universe, because there is not a blu-ray version out in Japan that I know of, I would say that it is safe to assume that Funimation would try and get the original dub from the old Pioneer licence. A few reasons being that it would be way cheaper and it would make fans happy because the original dub is part of the nostalgia from when people first watched Tenchi. And as far as I know, Funimation got everyone from the original dub back for OVA 3 except for Ryoko's original actress which is shame.
So I wouldn't worry about Funimation changing the original dub at all. Funimation is pretty good about getting the original people back if they were fan favorites. And I would say that Funimation is pretty respectful of the old shows that they pick up.