Vespine makes a good point - red shift caused by the expansion of the Universe will shift the whole spectrum towards the red. Your B-V, R-I indices will reflect the intrinsic parameters of the galaxies, as the blue part of the spectrum will be shifted by the same amount as the red.
I think the only way to properly measure the red shift is to take a spectrum and determine the position of the lines for various elements against a 'reference' spectrum.
Thanks for posting this, I think the work you are doing is really interesting. Any chance you might post some of the data ?(here or on your website)
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