The color loss isn't really my main concern since I'm thinking about a 30min soak in cold water, I'm more afraid that the soak will shift the creases since they have had so little time to settle. But cold soak inside out would slow down the tearing process in the crotch area right? Thanks for the input!
Yes, soaking will help, and NO if won't shift any creases. Just don't crumple your jeans. Lay them flat or folded in half in a tub.
Yes, taper from the inside (which requires better tailoring skill), not the outseam (which requires more skill).
Even if you taper from the outseam, there's an easy fix for ithttp//www.rawrdenim.com/2012/04/how-to-repair-selvedge-after-denim-alteration/