Help with picture repair

Help... Someone on a motorcycle forum that I frequented posted an old photo of her parents, her when she was a child, and their bike. It's obviously a scan of a "rough" snapshot. It's yellowed and it has a few tears in it. I played with it and I was able to easily remove the tears. I was able to somewhat improve the color. The highlights... I think this photo must exemplify the term "blown highlights". Anyway... I'm just learning how to use Photoshop CS2. My version looks too red and too dark (over corrected for the highlights?).

Anyway... could someone here give this one a shot so I can get an idea for how much improvement can be made?

Just in case I didn't do the upload thingy right-

This is my version (I don't like it. It's too red and too dark)-

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wow... thats a hard one, but im sure someone here can fix it. All i could do is desaturate it and hand color it but it would take hours!.
ZGood luck, your version isnt too bad...
-zacker-

Here's my quick attempt. After taking readings, the shadow areas were lacking a ton of yellow. Beyond that, it's mostly a contrast issue. The harsh shadows and highlights make it tough . . . and the lack of highlight detail doesn't give you much to work with, but it gives the impression of a very sunny day!

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My try. Did color balance taking white stripe of flag and tire as neutral greys. Increased contrast. Increased overall saturation. Increased green saturation.
Elie

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Any chance of a link to a high res version? The original above has too much jpeg compression and noise to make a rescue attempt with.

The lower image of the two that I posted is all that I had to work with. It's an upload of what was given to me. Sorry... I feel like I'm asking for a castle to be made from a trash pile

MisterJP- That's pretty good. Better than mine I think.

It's a tough image to fix... Probably an old polaroid or something

Thanks. That's probably as far as you can take it. No detail = nothing to work with! Fading was difficult . . . no yellow in the shadows, but too much yellow in the highlights. This was a perfect case for "color by the numbers."

mISTERjp'S IS GREAT! GOOD JOB CONSIDERING THE ORIGINAL!
-ZACKER-

MisterJP---Excellent piece of work. Any chance that you could take us through your process. Repeat, excellent job!!!

Ditto!!

Thanks guys . . . my process on this one:

1) Took readings and found the highlight and shadows to be way off (weak yellow in shadows and strong yellow in highlights).
2) Used Levels to bring the contrast in line. Blue channel (yellow) needed more adjusting than the rest.
3) Used Curves to balance the image, using the blown shirt as a highlight reference and black parts of the bike as a shadow reference.
4) Applied a Shadow/Highlight adjustment, using it mostly to add highlight and detail where it was blown out.
5) Used Selective Color to tweak the memory colors, boosting the reds, greens and blues.
6) Topped it off with quick boost to the blacks on the bike and added some warmth to the flesh.

Most people take Photoshop too far and ruin their images . . . this one needed almost everything Photoshop could throw at it!

Took readings?

Used the eyedropper tool in Photoshop to see what the RGB numbers were reading. All the answers are in the numbers!

It's always the simple things that I miss

Thanks...