I am trying to remaster VHS footage from 1992 which has very bad colour bleeding in it. The red has gone crazy. I have tried to fix it by reducing saturation snd changing colour balance and reducing grain and noise but no matter how much the colour changes the red glowing outline remains. I am only new into editing so could do with some advice. Thanks in advance.
There's no easy way to fix this. This can become pretty advanced. You need to separate the channels and involve color space conversions e.g. using the Channel Combiner effect. The basic drill is like that:
1. Convert the layer to YUV
2. Separate components using Shift Channels
3. Duplicate the layer at least 3 times
4. Set Blending mode to add/ Screen/ Multiply etc.
5. Apply the corrections
6. Convert the pre-composed result back to RGB using another channel combiner
Depending on how bad the footage is, of course a gigazillion other steps may be involved like sharpening the luma, deinterlacing,warping corrections using distortion effects so things line up, color corrections.