I've got an idea for you. Would it be possible to use clear heat shrink tubing, and (using a hooked needle or something) pull colored dubbing through the tube before shrinking it? Would that be a way to add color? It'd still float because of the air trapped within the dubbing, and you could get really creative with the colors.
This is a good idea Matt -- Thanks for the suggestion
Something else tiers may want to experiment with is using dye or ink inside of clear heat shrink tubing. We have been playing with this for some time using alcohol ink from Adirondac with some excellent results (See Picture Below). To accomplish coloring the inside use small bottles of Adirondac ink and place the tube over the bottle spout and suck the ink inside by using the tubing like a straw. After coloring set the tubing aside and let it dry.