I decided to see what sort of BW could be made from a faded color movie. I downloaded a sample of a faded movie I found online of a 16mm film that was projected on a wall. Seems that a faded color movie can be turned into a decent BW film.
https://danieldteolijrarchivalcollection.wordpress.com/2017/05/25/turning-faded-color-movies-into-glorious-black-and-white/