Yes, precisely. SW also has a rather high-key, slightly pastel-ish look to it, so you shouldn't go crazy with the contrast. If you look at some of the Technicolor photos, you get a better sense at how the contrast should look. There should be nice blacks and a sense of pop to the image, but it shouldn't be ridiculous or anything. Ultimately the GOUT has limits with how far you can increase the contrast before you start crushing the black detail too much.

Also, as for Empire colour references, aside from a saturated GOUT, you can compare two other relatively useful sources for colour:

-Puggo 8mm (this print in particular has terrific colour...possibly an LPP print)

-Theatrical bootleg telecine

The theatrical bootleg telecine has a really big pink shift in the highlights for most of it, but shows off a lot of the saturation. In general, it is consistent with a saturated GOUT, and is more for confidence than anything, but it might also be useful for knowing if you've gone too far or not enough.