Performance wise, I think Alchemy is very good. Sultans might the best ever (some like it pure without sax!), TOL is a little too short, straight to the point, 85 versions are better, but it's still a lovely good one, TR is the reference version with strong vocals (the only one !), OUATITW is fantastic, R&D has a very touching intro, better than subsequent agressive sax one IMHO, and the accoustic ending is different from the electric guitar one but not necessarily worse, it is an interesting different take... Going Home is also very touching.
Sound wise, the original album sounds ok to me, the 2023 remaster is too soft for my taste (Terry's drums are a bit muted), but the Blu Ray remaster by Chuck Ainlay is really good, IMHO. Which version are you talking about ?
Alchemy still is a reference live album for me, even with the exellent new releases...