[Michael Woodcroft]"Greetings all. New here and new to AE."
Welcome aboard! I hope you don't mind some Words To The Wise further below.
[Michael Woodcroft]"a thought occured to me, as to whether or not one is able to replace color in footage? ... The footage is good, but lacks color. "
You can increase color saturation using AE's Hue & Saturation effect. If the footage isn't highly saturated, going overboard with the effect will cause noise in the image, so tread lightly.
Now those Words To The Wise:
As my friend Walter Soyka says, "AE is both wide and deep". It's not the kind of application that lets you jump into the deep end of the pool. You have to know how to swim first. So learn the basics, and you'll have a much better time with the fun stuff.