Rather than using coloured paper, I incorporate colour into the background of process flow diagrams and the like to identify and encourage process ownership. All environmental documents have a pale green background, logistics use pale blue etc. We have some very pretty documents but I can't really say that any measurable benefits have arisen. It does make it easy to spot photocopied, and hence uncontrolled, documents though. Possible colour blindness should be taken into account if the colour is to be used as an important control.
I also use a colour code, to better effect, on records, each function uses a different colour binder. Finding records in the archive is quicker as a result.
If you do go down this route, plan ahead. Think of how many times you have difficulty reading a web page or magazine article because of a clash between the type colour and that of the background. Aesthetics sometimes get in the way of function. I recently visited an eye hospital where all the notices were printed in black type on a pale yellow background. This gives, apparently, the best contrast making it easier for the visually impaired to read so choose background and type colours with care.
Overall, there's often not a lot wrong with black type on a white background.