Wikipedia claims it was released as a double feature with the Elvis movie "Kissin' Cousins". However, that doesn't make much sense for two reasons. First, "Kissin' Cousins" was released by MGM, while this was from Fox, and second, the release dates are over a year apart. Of course it's possible they were packaged together for re-release at a later date.
As for not being in color, it probably would have detracted from this type of movie. They did go to the extra expense of Cinemascope, which probably was a better use of money to achieve the desired effrct.