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I think they are just color coded to aid at the factory, the modulator may have been tailored to a specific engine/chassis combination. As far as changing the color to black and saying it is an improved unit, many times manufacturers make changes after the car is built and will do things like this after the production run, MB is especially known for improving things long after a car is out of production. The changing colors helps ID what you have. If yours is green and the new one is black I'd assume you are getting the updated part. Very possibly this is your only new part option, you coud try to find a green one used somewhere, but is shooting yourself in the foot in my opinion.
I can't tell you if the black one is still tailor made for your engine and chassis combination, but would be willing to say it is. You could try looking up the modulator for other engine/chassis combos that ran a 722.3 of similar vintage and see if it is the same pn.
Once in awhile I would need to adjust the modulator after instaling a new one, I think they must have a quick test they run for adjusting it and usually felt fine, if you shift quality sucks (too hard or soft)you can adjust it if you need to very easily.
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