I have never been a fan of colour coding, until recently. I was in back-to-back Committee meetings and I decided to use two different colours of folders, a blue one for the Committee members, with an attendance sheet stapled to the inside cover for my purposes, along with their meeting packages, and a red one for the Chair with everything the Chair was going to need.
Because the meetings were right after the other and I had lots of packages with me, it was easy to distinguish what went to whom just by looking at the colour. I also put them in order of the meetings so it made it even easier.
Without the colour coding, I would have been in a panic trying to find the packages, but as it was, it went very smoothly.
Too much colour however can be confusing. Keep it simple and easy to remember. When you are busy, busy and don't have time to think, having two or three colours to choose from will help make things easier.
Try it, you may like it.