There is a guy who takes old b/w baseball photos, digitally "colorizes" them in photoshop (similar to what Scott was suggesting, but all done digitally), and sells prints on eBay and elsewhere. The name, user ID, and whether he's tackled this one or not all escape me, so this post may be pretty much useless
I know he's posted on here before though, so perhaps he'll see it and either help you out or make that his next project.
Scott, I would love to hear specifics about the print quality of the Conlon photos you spoke of. Pretty sure I know of where you're talking about getting them, but have never been able to pull the trigger at those prices, so I've not seen any of their modern prints in person. PM me if you want (once you've caught up on your sleep after last night's auction).