The light provides 2 functions. First, it has to give energy to the coral to grow. Second, the light is reflected from the coral into what our eyes perceive as color - the fuller the spectrum, the more color. Depending on the wavelength, you might be able to satisfy the first function with just blue LEDs. Once you leave the other spectrum out, the pigments in the corals might shift. As such, the colors that they reflect might shift too. After a while, the coral might not show the same color that it does now under just blues if the colors/proteins in the tissue change with the lack of the other light. This would totally depend on each individual coral.