I found an old portrait on some stock photo sites.  All I can find is this was taken around 1917.  I used it to practice my photoshop skills.  The general procedure I followed was:

1. Import into photoshop and resize to 4500 pixels wide
2. Do a very hard noise reduction in Topaz Denoise to remove the banding and artifacts
3. I then added back some skin texture with an add noise layer
4. I colorized the picture using multiple color layers – one layer for each component
5. I combined all the visible layers into a new layer
6. I used Topaz Clarity to sharpen the merged layers

Not perfect – still some things I could do but I tried not to over do it – still should look vintage.

Below is the progression of retouching from original picture to the final portrait.