I can only speak from personal experience, but when I upgraded my T5HO's to provide more PAR, the color on my plants changed immediately.I have several red and orange plants that I'd like to get more color out of. They're pretty colored up right now but I'd like some really vibrant reds.
Would increasing my light achieve this? If so what's my best fluorescent option?
Now that's not to say there could be other factors in your tank, but for me, with no other changes, the change was pretty dramatic.
I have no experience with CFL, but I would imagine that good reflectors with T5HO also helps quite a bit with PAR.