Very cool, I've actually been thinking about this lately too, ever since you guys mentioned two-strip and The Aviator a while back. I'll definitely play around with it when I get time, and report back.

Not a bad start, and an interesting effect, but it's not quite a match. The biggest issue I see is that your method doesn't protect the whites -- they flatten out to cyan.

The screen-accurate way to do it involves a bunch of color channel math where you split out the three channels then average and mix them in fun and frightening ways. It's essentially converting RGB to CMYK color space and I have to admit I haven't wrapped my brain around doing it in After Effects.

The quick and dirty, 90%-there way is just to go to Effects > Channel > Set Channels and set the Blue channel to Green. But there's a richness in the orange/browns in the AVIATOR images that you don't get that way. You're getting more of it your way, but again, losing the whites along the way.