The Lost Cut *is* in fact in black and white. The color shots you see from it are just stills that have been printed in color. The footage we do have from the Lost Cut (extended Cantina sequence from Behind The Magic, Death Star hallway shootouts on Empire Of Dreams with drawn-in white arrows for blaster fire) is definitely in black and white.

Whatever this supposed footage is, it would still be interesting even if it was just someone's reconstruction. Some of us have talked about creating a virtual Lost Cut in the past, but the closest I've seen anyone come to it so far is in Garrett's Deleted Magic. And that's mostly in color.

--SKot