The only Homelite mowers I've seen were blue and white. Except for the hood and grille being different they were basically a Simplicity mower. There is (or was) a Simpletractor forum somewhere on the internet.
If you want to restore it, I would stay with the blue color unless I was totally certain that it should be some other color.
And then there is Hal. he's posted that same picture of his Homelite tractor on here a millon times.