It surprises me there isn't a gentleman's agreement that the Library of Congress can make and store as many copies as they want for the sole purpose of archiving, and that the copyright holders don't press charges since it's not as if they'd loose anything by it.

Seriously, the LOC should just go ahead and do it. Aren't copyright rulings supposed to include damages? Any competent judge would rule zero damages on the off chance that someone did bring suit.