Mike, this was one beautiful capture!
Fixed overblown areas, Filter-Decor-Old Photo, this created a new photo to work on, in the new image I opened the original as a layer and moved the layer to the bottom, I decreased the opacity of the "Old Photo" layer to bring more color back, opened the rainbow as a layer and masked out any unwanted portions, then positioned it under the Old Photo layer but above the photo layer. Did an unsharp mask on the photo layer, and flattened.