Barium nitrate containing HE has a long history (including its use in Baratol, a Barium nitrate + TNT mixture, used in the "slow" component of the
original Fatman implosion systsm).
Issues with HE produced colored flashes, just off the top of my head?
How long and at what intensity does a flash need to last for a human eye to detect it as more than just a blinding flash? Some duration, enough for
your pupils to contract might be nice. HE events in close proximity are usually mostly evident from the after effects of "things going away rapidly"
than flashes emitted from the reaction itself.
Good color production requires a nice transparent gas around the light producing reaction. A bunch of soot from O2 deficient HE or solid metal oxide
particles from fuels such as Al surrounding your light source will be giving off black body radiation at random wavelengths, light will look
yellow/white.
It may be possible. How well it may be made to work and how easily, I can't say. We have always done colored light effects with low explosives...
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