The 16mm capture is more complete, but the version posted on the newsgroups was a WMV. I wrote an AviSynth script for it:

DirectShowSource("Song of the South 16mm 1080p.wmv",fps=29.97, convertfps=True)
Trim(204,0) tfm(order=1).tdecimate().converttoyv12()
ConvertToYV12().crop(226,0,-226,0).LanczosResize(720,480)

But try as I might to clean up the color, it didn't satisfy.

The 35mm copy - which was posted as a DVD - had much better color, but suffered from damage, particularly at the end of each reel. (There was about 30-35 seconds missing from one of the Br'er Rabbit sequences.) I filled-in the latter with the missing footage from the former to fill in the gaps. My splices are clean, but I'm sure a better editor could do more with it.