If you want an example of what the frame-removing approach can do to a more modern film, check this out:

I think that's one of those things that I'd just try out on a little chunk to see if I liked it before I implemented it into the whole film.

Another thing is that most silent films were not exclusively black and white. The one I'll use for an example is Nosferatu, as it's the only silent movie I've seen all the way through (if you've never seen it, it's fantastic, by the way). The filmmakers would use several different filters throughout the film to denote either mood or time of day. For instance, the interior of the castle was sort of a yellowish tint. For night shots, the picture would be a light blue (I know both sepia and green made it in there as well, just not sure where). Not sure if that's something you'd want to implement as well.

And I also don't mean to make the editing process even harder than it already is. :P (I've done my fair share as well; not a lot, just enough to know how much of a bitch it is).