I see you've since bumped the post at VH, but did you ever solve this? I've always been one to remove errors on tapes, so it's amusing to be asked how to create them.
All you'd need to do is create a faint rainbow image overlay images, and then use a motion tracking in Adobe After Effects. To get the shimmering effect, you may have to use some sort of filter.
As I said, I usually remove it -- not add it!
Did you ever figure it out?
That black flicker isn't what you wanted.