You could place the colour footage layer over the BW footage layer, then apply masks to the colour footage layer. The footage inside each mask will be revealed.
Animate the masks’ shape parameter using keyframes as outlined in the manual.
If you must have the BW layer over the colour layer, you could apply masks to the BW layer, then click the “invert” button for each mask.
Note that when masks intersect, if you want fancy stuff happening, you can use different mask modes for different effects.
Steve