Chris,
I am assembling high flow hoses, fittings, regulators and gauges for use with a DeVilbiss HVLP spray gun. DeVilbiss says do not use Teflon tape because pieces can break off and clog passages. So I figured the stuff I sometimes see pre-applied by the factory would be perfect. The color has no significance to me. I assume it is just for identification. The only requirements I'm interested in are: not sticky and will not dry so much as to become useless.