i like pics like this. however, i doubt it was ever a color image. it looks more to me like someone, perhaps a young girl, took her mother's lipstick and did a little coloring. mama found it and tried to clean it off and what you see is the result and the rest is just normal deterioration effects
but, that's all speculative.
the real job is cleaning it up. and i'd do that before any further colorizing. i did a little work on this. lots of clone and push. a little hue/sat to remove the color, a little brightness/contrast to bring things out a bit, a little clarify for definition, and some shadow/midtone/highlight to balance things a bit. oh, and i also did a little noise removal.
i didnt worry too much about the table/bench they were on, nor the background. the bench could be brought out more if desired.