My memory, verified by
Wikipedia, is that Kodacolor II was the first C-41 film. The earlier Kodacolor and Kodacolor X films were C-22, but Kodacolor II should process fine in modern C-41 chemistry, with the caveat that the details of the C-41 process have shifted over the years. Most notably, the bleach has changed from being based on ferricyanide to an EDTA compound. I don't know how the old Kodacolor II would react to modern bleaches. (Perhaps PE could comment on that...?) The latest C-41 incarnation also replaces the final stabilizer with a final rinse product; using the latter is likely to result in reduced image stability. Thus, if possible you might want to use stabilizer (it's still available from
Dead Link Removed). OTOH, image stability might not be that important for this project.
As to the original question, my own personal inclination would be to try C-41 processing, perhaps adding some benzotriazole to the developer to reduce fogging. I've recently had some surprisingly good results with 20-year-old Soviet slide film. (See my recent (there was a url link here which no longer exists) and
Flickr sample scans.) You're likely to get better results scanning than doing traditional darkroom prints, though, if my experience is any guide.
Anyhow, good luck with that film!