Has it not occured to you that PJ/Andrew Lesnie actually intended flesh tones to look cold/bluish in this scene? After all, they are in the mountains and surrounded by snow. It would make sense to assume that they are cold, hence the bluish colour grading making flesh tones cold to reflect that.
The other possibility is that your fix is still slightly off, but it's almost certainly correct for specific colors and brightness levels at least (Eisenhower said fade to white is the exact same RGB value as the theatrical version...assuming we're comparing the same frames). If you could post some comparison shots between the TE and your EE fix across multiple scenes, it should become clearer which is the case.
I've withheld buying this version due to the problems with FOTR, so I can't comment about whether it has actual black crush (clipping) or recoverable underexposure. If you do end up posting a bunch of comparison shots, it might be helpful to post some from Moria, since you could help render a final verdict on the black crush issue.
In any case, we're lucky that you're putting so much time and care into getting this right. It kind of puts the Warner Bros. techs to shame, doesn't it? I don't have an HTPC setup yet or even a Bluray burner to create another lossy reencode, so it doesn't work for me...but I can appreciate the effort nevertheless. My current course is to hold out for a trade-in program or reissue after the condescending PR reps from Warner Bros. finally recognize that insulting our intelligence is bad for business.* I'm hoping they have a firestorm going on at their offices right now, and they're in the midst of fixing FOTR for a disc trade-in program in the near future. I'm okay with a wait (so they can really dot their i's and cross their t's this time), but if it takes a year or more, I hope they'll finally decide to release the special features in HD with the "super duper special collector's edition" version.
*Such recognition always seems to be half-assed and short-lived though. I really don't understand why disrespectful corporate PR stonewalling is so common: They know that people who recognize the problem aren't going to be fooled by the BS "company line," and their cavalier attitude toward blatant lying and shirking accountability can only hurt their reputation in our eyes. We won't go away until they fix the problem, and they know it. Moreover, hardly anyone else will even pay attention to their words anyway, so it's a wonder why they aren't forthcoming about acknowledging the issue from the start (like Tylenol, a marketing class poster child for good PR). Heck, they don't have to issue a scathing press release about the enormity of their screwup; they could downplay their mistake as much as they wanted to save face, as long as they pledged to correct it for those who care. All they need to do is make a low-profile indication (that we can locate) that they're aware of a "a subtle mastering issue" with FOTR that most consumers will not notice, and act like they're so intensely committed to quality that they will offer a replacement disc for "the most hardcore and nitpicky of videophiles." In other words, they could spin the whole thing into something that sounds heartwarming. If the bean-counters are freaking out that much about the scale of a replacement, they could simply charge the cost of a disc and shipping for a trade-in, and we'd still be much happier than we are today, even if we wouldn't especially appreciate bearing the cost of their mistake.