I don't know anything about judging abrasives by color...
Way, way back in the day I had an Italian made thickness sander (same function as the current crop of drum sanders only better). Being Italian it took belts with metric dimensions, there weren't any common inch sized belts that could be substituted.
What I had to do was buy from companies known as "converters". They make custom sized belts. The converter I used was Jet and Western Abrasives in SoCal (nothing to do with Jet machinery). I would call them, explain what I was sanding and they would make a recommendation on abrasive and belt type (paper or cloth backed, etc). Back in the day converts only sold through industrial distributors, so it was a matter of getting the recommendation and asking who their local distributors were in Seattle. Belts came within a week or two.
Converters are limited to a certain extent. They buy raw abrasive stock from manufacturers like 3M, Norton, etc. Some of the proprietary super abrasives like 3M Trizact were not available because 3M wouldn't sell to converters. You can buy direct from 3M, etc, but they usually have high minimums and long lead times.
Custom sized belts were priced about what you would pay for an off the shelf belt of comparable area of abrasive.
I only bought belts from converters, I assume round discs would also be available. Get a group or club purchase together.