Thanks a lot, really appreciate

Steve as you probably know, I use our software (Find my Font) to find the fonts.
The letter selection function of FmF works like a flood-fill operation - actually: a flood-copy operation, which copies the letter you click on, and works the same on black or white color letters without any need to pre-process the original image, the only requirement is to have a different color boundary.

See in the image bellow how the application screen will look like when you select the last letter (all selected letters are transferred in the lower left panel with black color, and then you type the letters and hit the match button).

I'm not sure I correctly understood your question, but I hope that helps..

Steve, I just realized that this one:

Isn't it possible to simply "add colour" without redoing the logo?

is probably a question for dennis, not for me - sorry for the misunderstanding.
I suppose Dennis wanted to make a new scalable logo with color (or at least a logo bigger than the original image) otherwise you are right, you could simply add color to the existing one.

A competent Bezier artist could recreate that crappy logo in about twenty minutes…

sometimes people like less colour filled catoonish logo of these days and more one or 2 coloured logos