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Mostly moved on. May check back a few times a year.
Here's a diagram:
As you can see the "bluestone" can cross of the redstone without being activated.
Dyeable redstone would be created like this:
This would create "bluestone". (Changing wool would change the color of the wire)
This is a sample image of what the "bluestone" would look like:
(Thread is still a huge work in progress)
Please leave constructive criticism!
I know that there's a mod that does this:
http://www.minecraftforum.net/topic/264557-v172colorful-redstone-updated-july-07-2011-v12/
Mostly moved on. May check back a few times a year.