skyjedi2005 said:

There has been a recent revival in the Colorization Of films especially undertaken by Ray Harryhausen for the films he worked on.

Bravo, Ray Harryhausen! And about time to throw the torches & pitch-forks of anti-colorization-P.C. (political communism) back onto the trash-heap of the dark ages, where it belongs.

Really late for this party, but glad to see there's still some punch in the bowl. :)

To answer a now very old question -- yes, you can inject a lower quality colorized source's color information into a higher quality B&W source ... easily and with excellent results! In this Walt Disney's Zorro proof of concept, I combined a YouTube colorized posting (320x240) with a cable-TV B&W capture (720x480) in a paint program using it's split channel & combine channel (HSL) functions:

Naturally, the YouTube was small, smeared, and blocky, which required fix-ups: JPEG Artifacts Removal (maximum); increasing the weak saturation; resizing and repositioning to match the B&W image. From this, the Hue and Saturation were HSL separated for use in the final recombination.

The broadcast was better, of course, but still needed improvement: Edge-Preserving Smooth for the broadcast "noise"; sharpening the slight picture softness; rebalancing the picture's brightness spectrum (from 20-240 to 0-255). From this, the Lightness was HSL separated for use in the final recombination.