I don't know if there's a correct/incorrect way of doing it, but I used Photoshop Elements 7 and layered several solid color layers, lowered the opacity to between 35% and 45% and erased the areas that I didn't want that specific color on the layer mask, then I copied the original scan and soft lighted it over all the layers, added a gradient to even out the lighting and toyed with the saturation to get the final version. 4-6 hours total time (including learning curve)
Yeah, this did remind me a bit of the Christmas Story... "Oh, Fudge... (But I didn't really say "fudge")" Did that too when I was younger... I've blocked out what happened after though.
