From David Pierce's website:
The Black Pirate is best remembered for the novel use of two color Technicolor, although the film was long available only in black and white. The color process enhances the visuals, but the film works equally well without it. The Killiam Shows edition, prepared in 1972, offers the black and white version with color tints and features an original piano score by William Perry. While all of the titles are original, the film's six main title cards have been reduced to two.
There are several different versions in distribution by The Rohauer Collection/Douris Corporation. Raymond Rohauer acquired a color negative restored by the British Film Institute. Rohauer prepared a "restored" version in 1972 in 35mm and 16mm with rewritten title cards, some re-editing and a score of stock orchestral music. The colors are not entirely accurate. The titles were rewritten and placed on a parchment-style background; some titles were dropped, picking up the pace of the film. The score of stock orchestral music is adequate.
In 1974, Rohauer released a version in 35mm with a heavy sepia tint that obscured most of the original color, although in some scenes the different color tones are evident. The print features the original opening credits, and most of the intertitles are original. For the last 20 minutes (or so) through the end, the intertitles have been replaced, and, apparently, additional titles inserted, slowing the pace of the climax.
The 1996 Kino International/Image Entertainment edition restores the film to its original release version. The video was transferred from the restored negative, and required substantial post-production work to accurately represent the original Technicolor hues. The soundtrack presents the original jaunty score by Mortimer Wilson, performed by a chamber orchestra conducted by Robert Israel.
http://www.cinemaweb.com/silentfilm/26bpirat.htm