I want to make a video clip that simulates an old B&W photo where selective areas of the photo are hand painted such as lips and some facial rouge. Any ideas as to how I can accomplish this? Or suggested tutorials?
Buy one of the NewBlu EFX products - they offer several (read many different) really good manageable tools to do this. Choose one of them and install with VegasPro - you will not go wrong.
Watch a video on 'colour isolation' and maybe 'colour saturation' on You Tube for example:
Pay attention for the part about masking if you need to isolate the effect to one or two objects.
There are a lot of ways to get the effect you want without using a third party application.
If you're starting with a black and white image, you can also cookie cut the part you want to 'saturate' with colour and overlay it on a duplicate of the original image. Creativity and some familiarity with your application is key here. You can saturate any greyscale shade(s) from white to black - converting it to a different colour.
Of course you can use the 'cookie cutter' effect instead of masking if you can make it fit your needs.
that does pretty much what you're asking.
I have no idea why others are suggesting a third party application. Sony video editing applications are more than sufficent for this.
Isn't it a shame the Cookie Cutter effect is a fixed shape?
Even in simple Photo Editors (for Stills), you can create a cutout either by colour/brightness OR by manually making a line follow the shape edges needed.
IF the original footage was in colour (then apply B&W effect), the selective cookie cutter could be generated from the coloured-version. Then used to act as the mask/inverse so only the right area is selectively coloured (in this instance).