I wonder if Paul wouldn't like this better -- it turns out there's a recent German Blu-Ray of DRACULA that "reverses" Badham's desaturated color drain, while working from the same source elements. A Canadian colorist worked on it for Universal, and I have a copy that's supposed to be delivered from Germany today.
The colorist allegedly didn't like the Shout restoration, finding it too bright at times (I'll confess some of the color looked like it might've needed some correction at times) and obviously suffering from that waxy, soft section -- here's a sample of his efforts versus the Badham de-colored version, which frankly look VERY promising to me.
Someone on the Blu-ray.com board posted this, which is translated from a German site:
Upon request, Black Hill shared some interesting information about the production process: The “Cinema Edition” is not identical to the “Collector's Edition” from Shout! / Scream, which was released around a year earlier in the USA and which was based on a new 4K transfer of best-preserved 35mm film material. The "Cinema Edition" was developed completely independent in collaboration with the freelance Canadian filmmaker Julian Francis Adderley. On the back cover of the "Cinema Edition" Adderley is also named for color restoration. He also noted in particular that the 4K transfer of the US edition was technically inadequate, in particular that it looked too bright and too soft. It was therefore decided to approach the color restoration completely different, namely based on the HD master of the color-desaturated version. The original color scheme from the premiere year was restored by reversing the desaturation process, which also was carried out digitally by John Badham and his team, in painstaking detail and with the help of various color references - including the US trailer - as exactly as possible. Photos taken on the film set, which could still be purchased when the project was already in the final phase, turned out to be a particular stroke of luck. With their help, it was possible to noticeably upgrade the overall result once again by applying final corrections.
However, I couldn't find any clear confirmation of Adderley's statement that the 4K transfer of the US-edition might be too bright. On the other hand, individual comments about the softness, which he also noted, can be found. Those only partially attest a deficiency in image sharpness for about 20 minutes (starting from approx. 15 minutes into the film). This, however, hardly has a negative effect on the overall picture ratings. Unfortunately, a direct comparison between the two editions was not possible.
Which of the two editions ultimately delivers the more convincing result cannot be clearly determined solely from a few screenshots in reviews of the US edition, which incidentally do not reveal any immediate weaknesses. The comparison, which is of course interesting in principle, is less important at this point, because taken by itself, Black Hill's “Cinema Edition” is of such high quality that you can access it without hesitation.
There's very little info on this release but I picked up a couple of things from Germany and it was very inexpensive to add it to the order, so I'm interested in checking it out.