Here is my first pass at improving the color of this scan. The original is on the right and the first revision on the left. Since this film has not been released since laserdisc, I do not have another source to act as a model on the color.
Initially, I decided to work with saturation and vibrancy as many of WB's pre-1940 MMs look very vibrant. However, I had a two-hour conversation with animation historian Ray Pointer yesterday, and he told me that the pre-1940 restorations are over saturated and over vibrant and should be toned down.
Based on what he said, after increasing the saturation and balancing the colors from scene to scene, the second revision will focus more on toning down the vibrancy and making more accurate the colors. I'll post the second revision when I'm done with that. Let me know in the comments on anything that appears off in this first revision.