Many students begin their filmmaking careers editing this GUNSMOKE footage. It is a great way to practice editing. Once done, I assign my students an EXPERIMENTAL GUNSMOKE edit.
I want them to try all the tools Premiere has available for them: One of those cool tools is TIME REMAPPING.
EVERY clip in Premiere has a little icon on the right side of the clip. Click that and it gives TIME REMAPPING as an option. Use the pen tool to add keyframes, Use the selection/arrow key to drag the bar up (faster) and down (slower) to get the speed to change in creative ways.
I combined TIME REMAPPING with BLENDING MODES under Effect Controls / Opacity to control how color took over this imagery.