That is correct, in short "Despecializing" it. I'm currently going through a first color pass checked against RGB Parade waveforms- using Levels at this point but I'll probably use more advanced tools to take care of each material's respective color shift (the Blu-ray is glued to reds while the LD is attached to greens). I do as much roto work on the Blu-ray footage as possible to accommodate better unaltered sources in the future.
Italian cut is now downloading, thanks!