Making the Old Look New Again
After scanning the image at a high resolution (600dpi worked well for this small print) I brought the .tiff file into Adobe Camera Raw to take a closer look. Not only were the colors off, but the subject was blurry. This may have been partially due to the motion of the subject, but the focus was also more on the background and less on the subject. added some selective sharpening to my list as well.
The third item to be addressed is any dust, scratches, or other details that were not a part of the original scene. There following is the order in which I went in to make the fixes to the finished photo. You may have a process that works better for you, as this is just one way to approach this type of digital restoration.