Color can certainly come in to play. However, I think it is the basic colors that make a difference (i.e., yellow over white, black over silver) rather than having an extremely detailed paint scheme. The more I make my own stuff, the more I realize that action, size, and profile are so much more important than a detailed paint pattern. I have several proto-types that are just white primer. They worked so well that I still fish them as is (no paint). I've had a number of days that those primer plugs out fished anything else. I also have plugs with hardly any paint left, large scratches in the paint, and hook damage to the plug. The paint is not pretty any more. They still catch just fine.
Think of it this way, if given the choice between fishing a lure with a good action, but a basic paint job, or the same lure, but the action is not as good and the paint is better. Which do you chose? I'll take the action.
Andrew