Here is an improved version of the HSV method using the bunwarpJ plugin, which can access up to 32bit color images.
There are less artifacts in this version. It does take awhile to render, at about 1 frame per 30 seconds.
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https://vimeo.com/124862437
Password : OT
Here's one sample frame:
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Original : http://imgur.com/2xzoGow
HSV with LPP colors :
And the original LPP:
Team Negative1