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Typically Xenon arc lamps run around 6200K depending on their age, whereas carbon arc lamps burned at 5400K. So Xenon is cooler (colour wise) but not by much. By all accounts carbon gave the purest, smoothest light (ie less spikes in the spectrum) but took skill to run, as the electrodes literally burned away and had to be continuously adjusted to maintain the arc gap.
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If this ever gets picked up again: With the T2 UHD Blu Ray available and when it's cracked, you can likely get the real theatrical colors, as the UHD HDR Blu Rays don't clip the whites.
The starting color is much different but it doesn't matter when there's no clipping. Only issue to deal (or live) with would be the DNR.