Yep, looks like the colors have fallen prey to the ravages of time.
You can just barely see the Orange and Green hues to the others still.
But you're on track. And one additional test that would be good to make before you commit to this as a power source, would be to measure voltage at that middle wire there at the S position. See if it's got full battery voltage, or has dropped some, which will tell you if it's still a viable power source for your ignition.
You're looking for as close to battery voltage as possible, so measure the battery first, then measure at the S wire with the key ON to see how far off it is. You want it as close as possible to the same. Less than half a volt different I would think.
Personally, if it's got near a full volt of drop, I'd be considering another source, or use it to trigger a relay like you were thinking before.
If it's full battery voltage, you're golden. If it's less than half a volt less, you're probably still safe.
Just thinking ahead here, since wiring can build up resistance over time and it's good to know the condition.
Paul