Do you mean for illumination or actual color? Yes, red spectrum (daylight) can develop red and pink proteins - I have no idea which proteins are in this coral. It can also help to show them off - lots of color just reflected as directed. You will need to do both things. Don't chase this coral too much... many, many people only get good color after filtering and editing. If it is anything like WD, the best way to get good color out of it is to grow it under 10K bulbs and then temporarily move it under blues to take the photo.
Do not worry about any algae... if it will grow, then it will grow under any lights that can grow algae inside of a coral.