Yea retro-bright is the stuff you would have to use. I have plans to try it on a color dreams game, because in retrospect it should turn the cartridge back to its original blue color. As you suggested thou, the label would need to be covered up on both sides so you don't get any of the gunk on it. I would test it in a crappy game first.
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Looking for Black cartridge Color Dreams games, last 3 I need: Metal Fighter, Moon Ranger, Baby Boomer. Please contact me if you have any of these!