Nope! I took mine black and white and it was fine. I definitely had a scare at the center though because a lot of people brought it colored, but I wasn't stopped because of it or anything.
Here's Columbia's scholarship info from last cycle, you can compare numbers and see what kind of scholarship you might get: http://columbia.lawschoolnumbers.com/applicants/1516?order=desc&sort=scholarship
The different colors actually bother my OCD somewhat ... I wish they would all just be one like shade of navy blue/black. Just ordered PT 80! I wonder what color it shall be?
Moreover, this i think is continuing the general trend. There was a time when B-School would only take GMAT. Now almost every B-School takes GRE and B-School applicants have a choice to choose between GRE and GMAT.