I'm 99% sure the colorized version will NOT be included.
There was an article maybe a decade ago about certain films which a commission appointed by the US Congress had declared as examples of "American art " or something, and as such, these films may no longer be reproduced in altered versions without the express consent of the filmmakers. I remember that Casablanca and It's a Wonderful Life were among those titles. They could still sell inventory already previously manufactured, but not create any new stocks.
I've been trying to Google for that article, but I can't seem to find it - which is why I wrote 99% instead of 100%. I'm not sure if the ruling was challenged or something.
No double dip for me. I mean, my old Republic release has a booklet, a nice retrospective documentary hosted by Tom Bosley, and even came with a golden bell Christmas ornament for hanging on your tree. It's already THX certified and remastered from the original negative - how much further can they improve picture and audio quality on a 60 year old black and white film, anyway?