You’re talking about color as wavelength, which is probably (part of) what I would do if I tried to sciencify up the GL Corps (and yes I have seriously thought about this).
But color as quale is a different animal.
I once bent a connector attaching my monitor to my computer. Until I fixed it, the (CRT) monitor was firing red and green in unison. So my monitor displayed a two-primary-color world, in blue (not cyan), yellow, and gray. As someone who decidedly does not have red-green colorblindness, I found it interesting to actually see things that way.
I have done a lot of visual art on computer. I am very used to combining red, green, and blue light to simulate different colors–and yes, monitors have intrinsic limitations. But I know that a wavelength I see as “teal” might be “cyan” or “green” to some hypothetical person with a slightly different response. So the exact pigments used in the cells of an eye would make a difference to where primaries are, and which wavelengths appear similar.
Never mind the fact that a species which sees in entirely different wavelengths (infrared or ultraviolet to us) is going to see colors based on the reflection of those wavelengths, which is not automatically parallel to their visible light reflections.
The highly colorblind guy who sees red, yellow, orange and green as basically the same, and sees pink and teal as basically the same, is going to just have to learn that some things are “yellow” by experience, without seeing them. And the alien Green Lantern who sees in higher or lower wavelengths will find that his colors are no clue to whether his ring is stopped by the color “yellow.”
This is one reason that dropping the “necessary impurity” element, and letting Kyle’s ring work on things regardless of color, was very nearly a smart move on DC’s part. But only very nearly, because then Jen’s ring had the impurity again, iirc, and I don’t know exactly what the deal is now.