Here you go. 2 point clouds, each with this simple tree as a post-sim operator.
This works and is fast, but notice that it only queries the init_color, not the current color. This is because you run into an order-of-operations issue if you use 'curren't color. You can have any number of different emit colors, but the colors cant change over time in the sim or else you would need to use an approach like Alok is describing, using a workaround like a third point cloud to express the blend between the other two.
In general, I find the post-simulation stack to be a very handy place to change colors before render, to simulate lighting, or my personal favorite to delete particles (which are retained in the simulation deleting post-sim acts a bit like a visibility on/off... very, very useful.)