This definitely sounds like an interesting project.

The first step would be to do an excellent preservation of the MGM CAV 25th Anniversary Box Set.

Colortiming can be corrected on a shot-by-shot basis using a two-step method:

1 Rough: shot-by-shot using g-force's RGBMatch Avisynth function.

2. Final: shot-by-shot using the skills and eyes of an experienced colorist.

The first step gets you pretty close, but the second is necessary to deal with potential problems arising from the first.