I would recommend breaking the update into steps if possible. three.js keeps deprecation warnings in the code for 10 releases, so if you update in larger steps you could miss them. Or if that’s too much, I would at least try updating to a version around 149–151 first, and get things working there.
In three.js r152 the color management changes are described in Updates to Color Management in three.js r152. In three.js r155 there are lighting changes described at Updates to lighting in three.js r155. Since you’re coming from a very old three.js version I think it will be easiest to jump to a <152 version first and then tackle those two steps.