I’ve been doing some tests using Dr. Dre’s ColorMatch tool to match faded film scans and I think if we had a scan of this movie, the color correction from fading would be the least of our problems. I think a bigger issue would be the time consuming dirt and scratch cleanup, which would either have to be manual, frame-by-frame in photoshop or similar software, or using a professional film restoration software (unless something like Vegas or After Effects has a cleanup tool) which can cost quite a bit. To give you an idea of the colors I’ve been able to get in restoration, here’s an example. In order, they are 16mm eBay screencaps, RedMenace’s DAM Recon, and the color matched version.
