A while ago, g-force asked me to post whatever results I had in this thread, and I've at last gotten round to it.
Using the function, I've applied the colors of the Criterion DVD of Spartacus to the HD DVD by Universal. The initial results are promising.
Top: Criterion DVD
Middle: HD DVD + cc
Bottom: HD DVD
The two versions were aligned temporally but not spatially. (I assume this does not matter.) As yet, I've not tried to go scene-by-scene, but I might try at some point. (Going shot-by-shot seems as if it would be a great deal of work.)