SilverWook said:
I wonder if the sort of color video voodoo the Dr. Who restoration team has done with episodes that exist as black and white prints could be possible with this?
Unfortunately, no. IIRC, the BBC team relied heavily on the fact that the video was transferred via a composite medium by using information gleaned from the dot crawl to figure out which color caused the interference in the luma (B&W) channel in the first place.