I played around with the 16mm footage today to see if I could get it to look somewhat acceptable, here's my result on "The Lost Scene." http://www.sendspace.com/file/twyqdo
Let me know what you think. Ignore the audio, at the moment I don't know what the heck is causing it to get out of sync!
Before
After
I'm afraid there's not that much color left to work with but I do think it's watchable in this state, maybe Puggo or someone else with more experience than me when it comes to color correcting could get it to look even better for an eventual "grindhouse DVD."