Now that's a horse of a different color[0]!
http://www.telegraph.co.uk/film/movie-news/paint-drying-bbfc...
It would have been funny to splice in a couple frames of porn throughout, Fight Club-style.
For such things it seems you'd need to check every shot change.
Even today, directors rarely seem to want to film in actual color. They'll tint everything sepia, or that hideous blue-orange scheme that is so popular these days.
http://priceonomics.com/why-every-movie-looks-sort-of-orange...
In any case, any such colorizing system would be designed to accept a bit of guidance here and there from the artist. This is much like when an OCR'd document needs a bit of touch-up.
And even if it wasn't perfect, many BW movies would be made much more watchable, like the 1927 Wings, which is crying out to be colorized (and have a soundtrack added).
Aren't we talking about a B&W film? In that case the colour (or its lack of) wouldn't communicate any information.
(Or you could just try to use a RNN directly and keep hidden state from frame to frame.)
The widely known Ben Hur (1959), the one with the chariot race, already is in colour. Did you mean "Ben-Hur: A Tale of the Christ" from 1925?