The ScanTips website has a nice hands-on tutorial Color Correction of Faded slides . I used a slightly modified approach (he clipped the high and low ends of the RGB levels to achieve his effect; as I don't believe in deliberately trashing precious remaining information, I used gamma adjustment to achieve the same effect on all the remaining data).

To demonstrate, I grabbed a DVD frame from 2001: A Space Odyssey

to eye-ball adjustments of a faded 35mm frame.

From ScanTips' best approach, on the last page of his article (but with me using gamma), I quickly adjusted RED one way and GREEN & BLUE the opposite way.

All the while comparing the results to the DVD frame, a little back & forth fine tuning made the restored color almost magically appear. Next needed was minor adjustments of brightness & contrast

and hue & saturation

and I was finished!

(Direct RGB-video adjustment may not be a proper method for color correcting CMY-film fade. RGB seems to get it close, but RGB settings mix colors across CMY boundaries, which one would think to cause wrong coloring in those areas. It may be better to directly adjust Cyan, Magenta, and Yellow [CMY is a sub-set of RGB -- with C,M,Y being negatives of R,G,B, repectively], but I didn't try that for this proof-of-concept.)