Did early typewriter's have ribbon colour selector mechanisms? (I don't know a thing about them). If it's a bicolour ribbon then you'll probably only have revitalizing the ribbon as an option. Techniques - take them for what they're worth - have been discussed here in the past: http://typewriter.boardhost.com/viewtopic.php?id=25
Here are a few anecdotal descriptions of the ribbon revival process.
In 1994 Louise Milano of Des Plaines, Illinois claimed that she had been using the same typewriter ribbon since 1957. There are crucial details missing, such as how much she actually used that same ribbon over those 37 years, or how often she had to revitalize it, but here’s her shared technique:
“Hand roll all of the ribbon on one spool. Take a can of 3-in-1 Oil and oil drop by drop all around the ribbon. Wrap the ribbon in plastic cling wrap and let it sit for a couple of days. You'll be surprised at how much black is left on the ribbon."
And here’s another technique that has been used over the years:
“After the ribbon has been wound up on the spool tightly, remove it from the machine and lay it flat on a heavy piece of foil. Get pure glycerin at your drugstore, put some in an eye dropper and squeeze twelve drops or more (depending on the size of the spool) through the openings in the spool where the typewriter ribbon shows through. The glycerin will soak down through the ribbon, loosening all the old dry ink (this is why your typewriter didn't print darker) and rejuvenate the ribbon. Wrap the spool of ribbon in the foil and leave it in the exact position it was in when you applied the glycerin. Let it soak for at least three days.”
One more home handyman pointer:
“Typewriter ribbon may be renewed by using machine oil. Squirt from the can onto the ribbon wound on the spool. Be sure to go all around it, even through the holes in the top of the spool. Fasten up in a plastic bag and leave until the oil penetrates all through the ribbon. It is as simple as that.”
Okay, just one more:
“You say you have ‘little-used’ ribbons, so I assume they must be dried out and faded. I called a typewriter-repair person and he said people sometimes try inking old ribbons with the kind of ink you use for stamp pads, but this is a messy business and the ink will clog up the typing mechanism. It also evaporates quickly, and when it dries makes the ribbon stiff.”
I lied:
“Someone claimed that they had removed the spool of ribbon from her typewriter and put some oil on it and left it for a few days. She said it ‘wrote’ again. Thinking what oil might do to the rubber and all, I used glycerine instead. It is marvellous. I removed the spool, put drops of glycerine on the SIDE of the ribbon so It would sink in well and run down into the other side then wrapped it in heavy foil and put it in a drawer for nearly a month. (I am sure now that it only takes a few days.) After replacing the ribbon not only was it new looking but actually typed better! It was real black! We used this on both nylon and other types.”
None of these make mention of whether the ribbons were only black, or bicolour. However, if you did try it out and you applied the drops (glycerine or oil) to the red side of the ribbon any colour bleeding would go into the black, which in theory would not be nearly as bad as the other way around.