OK, it has been done. I did get color negatives, for "small values" of color negatives. Here's a portrait of me from about 1968 on Kodacolor-X in an Imperial Satellite 127 camera, with a very tortuous C-22 color processing path.
I did use some "color correction" in Picture Window Pro to make the fallen leaves more yellow. But I certainly was wearing a red shirt.
The negatives are quite thin. Of course, they were originally underexposed, I shot them on the "B&W" aperture setting, which is why I thought I shouldn't get them processed way back when. I didn't realize it was just two-thirds of a stop of underexposure.
The negatives also have a strong overall purple cast. Of course, the dyes have had a lot of time to go bad, and been abused in many ways. The C-22 developer, being a week old, was probably not at it's best, there were beads of (I presume) benzyl alcohol that wanted to stay on the glass inside the bottle. But I was quite careful on temperature control of the C-22 developer, kept it within half a degree of 75F for all 14 minutes.
Looking at histograms as I scan the pictures, it's obvious that the yellow dye in the negatives is just about non-existent. Cyan dye is strong, and there's a decent showing of magenta.
All-in-all, it's really quite amazing to get anything in color after 44+ years of abuse.