Huh. I distinctly remember the logo being green in at least some of those ads. Oh, well… 
I believe “It’s toasted!” referred to the way of curing the tobacco leaves. The abbreviation L.S.M.F.T. = “Lucky Strike Means Fine Tobacco.”
Correct on both counts. Well done!
Yes, cigarette tobacco is toasted. It’s a quick way of curing cigarette tobacco, otherwise known as “flue curing,” and it is unlike the months and occasionally years-long curing for cigar and pipe tobaccos. All cigarette tobaccos are toasted, but Luckies trademarked the phrase, so no other cigarette could use it.
I just realized that I know far too much about this stuff.
I remember the episode of Mad Men that implied it was coined in the '60s. Of course, it had already been around for a while.
The package is white. Originally it was green with the same red logo.
Their radio ads pounded the message with a deep voice just saying “Lucky Strike Green Has Gone To War”. The other one they pushed relentlessly was LSMFT.
Mister Clean leaves a sheen where he cleans! 
Don’t forget “Sold, American!”
Oh yeah! And Johnny the bellhop “Call for Phillip Morris”
Bonnie Lou and Buster hawking Jim Walter Homes:
With Jim Walter you can have everything you want and more
If you build your home the Jim Walter waaaaaaayyyyy.
From a detergent commercial ca. 1975:
Exasperated mother sorting laundry looks at young daughter’s soiled party dress:
“What are all these stains?”
Daughter:
(Pointing) “That’s ice cream … that’s cake … and that’s where Tommy’s hot dog dripped on me. Great party!” (Twirls)
When they were introducing filters, they said LSMFT stood for “Lucky Strike Means Filter Tips”. That didn’t last long.