Color prints wouldn't have been faded in 1956. And the advertisements for the film did declare "Filmed with a spectacular new development in color by Technicolor"
Just finished watching this tonight and it is a thing of beauty. I never saw an original print, just whatever had been on TV and later 16mm and video, so this was like seeing it for the first time. Just terrific. That closeup of Moby Dick's eye as Ahab attacks is simply chilling. And I still...
Thanks for the preview - sounds like they made the best they could of a problem element and I'm grateful they took the time & effort to do so. Hoping to watch it this weekend.