I have a 90% complete edition almost ready. It uses a higher-quality source for the edited version, features some fine-tuned cleanup, and utilizes the new title card sources.
While the colors of the pilot are more desaturated than much of Spongebob’s original broadcast, cross-referencing with the original frame paintings uploaded to Twitter tells me that the faded look is accurate to the original elements.
That, on top of the issues inherent with this transfer, tells me that the bright colors of the VHS are likely inaccurate. Therefore, this current version will be corrected to the Season 1 HD master.
If color correction is to be done in the future, it will also be easier to have a master which matches in color over the entire transfer. Since the majority of this restoration is sourced from the edited HD version, it is easier to correct the VHS footage to that version rather than the other way around.