In the Thunderbean release? Theoretically, yes, you can try, but for shots like this…

It’s a little more complicated because you’d need to feather mask the area of the faded image and then color correct it to match the surrounding information, which itself needs to be corrected to remove the excessive green tint. The problem is that the mask won’t stay over the faded portion unless you stabilize the footage first, as it has a noticeable gate-weave baked into it, and since the severity of that weave varies from scene to scene, one pass is unlikely to cut it. And this is all without a better print to keep pulling up for reference to ensure color accuracy, so what exactly would you (general “you”) be correcting the footage to?

So yeah, not impossible, per se, but it’s a lot of effort that, thankfully, won’t be necessary— at least not for this project. I can tell you this, though: if I had no other choice, I’d exhaust everything I suggested in the last paragraph.