Hi Peeper - and welcome to RetouchPro!
I played with your photo for about 30 minutes trying everything I could think of to find some color information in there to work with. Unfortunately, I wasn't able to find any. For example, we know the stripes on the prayer shawl should be close to a bluish green because that's what we find in the non-faded area. But, in the faded area, the stripes appear to be nearly the same color as the jacket. Try as I might, I could not get any sort of color differentiation between the stripes and the jacket - and I doubt the jacket was a blue-green. Perhaps someone here will be able to find the original colors of the photo, but it's out of the realm of my abilities.
Like Leah said, you're not just dealing with a color cast - you're also dealing with significant fading of the dyes and they have faded unevenly (a very common "affliction" of color photos from the 70's). In almost every such photo that I've worked on, I've restored it to B&W (using the channel mixer and sometimes multiply blending modes) to get the best possible B&W with the most detail. Then, I've painted the color back in. I know you don't want to hear it, but I don't know any other way around it with this photo.
There are some very good colorization tips on this site:
Tutorial
There have been a couple of retouching challenges (B&W-to-color) as well:
Retouching Challenge #12 Retouching Challenge #20
It looks like most people gave a pretty good description of what they did to colorize, so find a few results that you like and then read how people accomplished them. In particular, I found the technique described in
this entry for Challenge #20 to be very helpful.
HTH,
Jeanie
P.S. The technique described in the tutorial that Ed mentioned is one of the things I tried and had no luck with.
