Yeah, actually that IS the Thief and the Cobbler. I know exactly the scene you are talking about with him sewing gold into her shoe in the shape of a heart. And you probably remember it in black and white because the cobbler and everybody else is pale, and the colors are dull until the climax, the colors get bright, and the people get tan.
Try renting it just to make sure, and either way it's a great movie and really funny
