The script uses the Image Colorization API from DeepAi.
Here's the repo for the colorizing model itself: https://github.com/jantic/DeOldify
I don't think the DeepAi API allows you to adjust the model parameters, but you definitely can if you run it yourself from the repo above or a colab instance (e.g. https://colab.research.google.com/github/jantic/DeOldify/blo...). MyHeritage also offers this API as a service with tunable parameters.
If you want some quick results on your own BW images, just set your own DeepAi API key as an env var and run this script: https://github.com/skzv/colorize-photos