IF color has any impact on a disc's flight, it's as Karl said, because of the chemical composition of the dying agent causing the disc to shape itself differently during the manufacturing process. The altered shape of the disc is what causes changes in flight characteristics.
To suggest that the differences in coloring agents in identically shaped discs can affect flight is assanine. Vibration, density light transmission, etc have less impact on flight than if you tried to blow on the disc on release to give it a tailwind.
Bottom line, the shape of the disc determines flight. The color may effect how the disc is shaped, or it may simply be a unique identifier of a batch that came out slightly more "overstable" than others.