After checking blu-ray.com for the reviews on both those movies ...
"Thin edge halos appear here and there, color fluctuations and minor bleeding seep into the presentation ..." - Phantom of the Opera (1943) Blu-ray
"... and red color fringe affects several shots. (Rope was shot using three-strip Technicolor, a process which hinged on the perfect alignment of three color separation negatives. If the red layer is a hair off, thin red lines occasionally appear that behave a bit like edge halos.)" - Rope (1948) Blu-ray
(even visible in their 720p "thumbnail": http://images.static-bluray.com/reviews/6908_4_large.jpg)
... then, yes, the chromatic aberration correction would allow you "correct" such alignment (moving the affect separations) and/or shrinkage (resizing the affected separations) "errors" after some by-eye experiments. Keep in mind the separations could be "misaligned" for any reason (shift, rotated, size, warp), not just the simple resizing for the THX 1138 film-capture here.