See my update on this.
Good news! The Feelies first album, 1980's Crazy Rhythms, is being reissued by Water Records on February 5th. It's currently available for pre-order at Amazon and on some other sites.
According to the track list, it looks like the cover of "Paint It Black" that was recorded in 1990 for A&M's initial CD reissue of the album is included, but I can't vouch for that. Also no word on remastering, etc. Whatever the case, this is most welcome news. Crazy Rhythms was one of my favorite albums released in the 80s, and it's nice to see it back in print.
If you don't already own a copy, this is an essential purchase. I couldn't recommend this album more highly.