So I exported a CMX3600 EDL from Avid's EDL Manager. Then, opened up Color and imported this EDL. A dialog box opened and asked for some settings, such as framerate and also compression settings, of which, RED 2K was an option. This was nice and easy. I clicked the RED 2K option and all other settings and then voila, my AVID timeline popped up in Color and I was colorizing the 2K RED clips right there. I never knew it was so easy to 'round trip' with AVID and Apple Color.
Now...I didn't try sending it back to color but I assume I would just have to render out the clips from within Color to the AVID codec, then bring them back into the AVID (another fast import I guess) and relink the new clips to the timeline.
Super cool.....I think.