Bigslug
Yes, I made my last batch of Ben's Red with some near white / very light yellow beeswax, it came out a soft pink/red like the interior of a medium steak.
I've also made batches of Ben's Red in the past with dark Beeswax and it turned out a brown / burgundy color.
As you've mentioned, the color of the lube will have zero effect on the lube's performance.
Ben