The point of the colour setting in that shader(note IN the shader not the sprite) is to A, rebalance after the sharpening or it goes out of range and gets blown out and B, to correct totems colour balancing. black clothes looking green, red clothes looking purple, skin olive green on all the girls, red hair looking brown, overall brightness is to high resulting in loss of detail in the face, the list goes on... I run istripper on a clibrated display(0.2 deltaE) so for me it makes a huge difference seeing them after they have been corrected(currently they are not with the setting as they are in n_hance for the previously stated reasons)
As for realtime, well you need to adjust mid to low, mid to high, for each colour. The scene quitting if you do most things with the mouse/keyboard and the lack of being able to save those settings it makes things difficult, i would like it realtime while setting it up but unless i can save those settings it's futile.