To answer your question, yes. Colors have alot to do with choosing your blog template. It is one of those make-or-break your blog things. There are a couple resources out there explaining colors and how people think of them. For example:
Blue is calm and professional, whereas red is power.
If you are interested, I would suggest you listen to an episode of my podcast where I delve into this topic. In episode #41 of my show, I continue on in the area of branding your business, but this could apply to blogs very easily. Here is the link:
Taylor Marek Podcast » #41 Sponsored by GoDaddy: When will you be a millionaire, Color Branding, and Lower Quad-Core Pricing
Let us know if you have any questions.
-Taylor Marek