Since there is already a couple of transfers of the SWE Technidisc floating around in the ether I'm currently more interested in the PAL releases atm because they offer better y/c separation and a bit more detail than the ntsc releases. Also, like Antcufaalb says the rainbowing is baked in. I think Mysycamore also posted some screens where there was substantial crosstalk happening too. Maybe that was just his pressing/ld player though.

Granted, my capture card has some issues with scene changes that have similar luma values but other than that it works quite well on PAL material it seems. Unless you do a stop-frame inspection it's pretty hard to catch with the eye even knowing that it happens.

EDIT: Luma low-passing also seems to have benefits from what I've seen. It definitely reduces noise and dot crawl without losing detail until you go below 420 tvl. Pal theoretically should be ok at 440 tvl but I notice detail loss at anything under 500 so I don't go under that.