Ted Turner announced that this film was going to be colorized. However, there was such a public outcry that the work was never done. Turner later claimed that the announcement was only tongue-in-cheek. Nonetheless, the controversy over the potential alteration of this film was one of the catalysts that eventually led to the movie industry requirement that all future video and TV releases of films that have been altered in any way - including the standard conversion from widescreen to "pan and scan" - must carry a disclaimer indicating the film has been "modified from its original version."
Now, I don't remember seeing any notice anywhere on the 1997 films or the 2004 DVDs, be it at the film itself, the credits, or at the package or publicity. Now, this could be pretty much because GL is working by himlsef and did quit the Directors Guild and probably dosen't need to follow these requirements, but still...