I don't know about coloured lights - never tried one. Don't they change colours? But i think there is not enough to give light for plants.
The most important area of spectrum is red one: 600-700nm, the highest peak of photosynthesis is about 650nm. And important area is blue area too: 400-500nm (peak, 450nm).
In one of my tank there is 1 'Sylvania standard coolwhite 3000K' tube and 1 'Hagen Aqua-Glo 10000K'. Plants are growing too much, if i knew how to put pictures in this place, i could show you (not using www-sites, like linking them) pics of my tanks..
In the biggest tank i have (450l, 150x60x50 (cm)), there are 5* 36w tube: 2*Sylvania Aqua-Star and 2*Philips 865, one is missing right now. Plants are growing fine.
First you need to calculate that there is minimum lights: it's recommended that there should be in minimum 0,25w/liter (what is about 1W/gallone (US volume) in minimum) for aquarium which are under 60cm high. Thus then you can keep plants which
don't need much light. If you want to grow demanding plants, you need more light - 0,5W/liter (2W/gal) or even more like 1W/liter. Many hobbyists who are qrowing plants using HQL or HQI lamps, especially if they have big/high aquariums.
Like in filtration and this case: There is no too much filtration or lights in aquarium

(freshwater aquarium)
Good combination is: Philips 840 ad 865. I think 840 is too yellow and i use only 865. And you must remember that yellow lamps gives algae energy to grow (if there is too much nitrate, phosphate, iron...), thus you should avoid buy any lamps in which it is high spectrum in are 500-600nm.
When you buy lamps, you should check spectrum:
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