That depends. If the colors were adjusted or have faded in the same way in different scenes it would work just fine. The Tatooine scenes in -1 preservation have a very similar blue hue to them, so I expect the color corrected version would look very similar to the reference, even if the calibration was done based on a Tantive IV frame.
If the color was adjusted on a scene by scene basis or if the reels were stored under different conditions it would most likely not work very well.