Just for testing purposes, if anyone wants to experiment on the Red Reel 5 that was posted earlier. We got some decent results, for some frames using the method of replacing HSV channels as described here:
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http://originaltrilogy.com/forum/topic.cfm/THX-1138-preservations/post/762178/#TopicPost762178
http://originaltrilogy.com/forum/topic.cfm/THX-1138-preservations/post/762179/#TopicPost762179
Doing full video clips has shown there is still some new artifacts, but the color replacement looks good.
Team Negative1