FYI Just changing Pokemon Red/Blue to read as a GBC rom won't work.
The colorization comes from it being a Super Gameboy enhanced game, so changing it to a GBC rom and nothing else will just cause it to be completely white, if anything.
what about modding red and blue to use palettes in the same way yellow does. I assume yellow has the palettes embeded in the rom somewhere. I have no knowledge of how gameboy ganes operate so I am just throwing ideas (however stupid they may be)