Personally, I prefer white LEDs, because the plants look more realistic. The correlated color temperature (CCT) doesn't tell you much about the spectrum, but in general, the "warmer" ones - 3500K, for example - tend to naturally put out more in the deep red end, which can make a difference in flowering, albeit a subtle one.
As to the leaf colored thing, that is quite variable among orchids, even within a genus, and some actually do better under low light levels than brighter, so don't count on a direct transfer of your bonsai knowledge to orchids in that regard.
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