Hi John,
From all I have learned over the years, the McCoy's Head Colors are only different to signify C/L (Red) versus R/C (Blue).
A friend of mine bought a C/L McCoy 40 Stunt that had a Blue head, NIB, back in 1967, Probably just a mix up on the line. I have put restrictors (venturis) in place of the R/C carbs in Blue Heads and found no difference in the runs. Nor could I find any difference in the internal parts. All the R/C Blue Heads had the intake cut down to hold a carb.
Mongo