Well, in our little pond world, the color fade out situation is not that big of an effect. But in the world of deep trolling with downriggers, colors are basically worthless. Same as bouncing the bottom deep sea fishing. Then it is all about the flash. Deep sea you bounce the bottom, rocks with chrome jigs and hex bars for noise, and the flash of the chrome. All colors are gone at that depth. Fade to black. I used a strobe and glow in the dark paint on teasers going down to 200 feet. All home made stuff. Outfish everyone else on the boat with thier $20 hex bars and diamond jigs. When trolling deep with downriggers color is also irrelevant. It's all about flashers and chrome, even prism tape. A lot of factors involved on how deep colors last, what colors in a rainbow fade first, what the water clarity is, the surface action, what they fade to.
Also been a ton of studies on LMB, some suggest they are color blind, and can barely differentiate one color from another. What they do see supposedly is light to dark, or shades of gray. They spots contrasts very well. I always try to use two tone worms. With a lighter underbelly. This mimicks many natural food patterns. You ask many bass pro guys, they will say it is not even about color, but movement. All those custome colored hand painted lures are made for gullible fisherman. They get hooked more often than the fish.
