Mine often looked like that. It wasn't my grade book, which was computer based, but my hard copy grading sheet (back-up). Whatever color of pen I graded with would show up on my sheet. Then there would be a sharpie mark down each column as I put them in the gradebook. I don't really miss those days. Though, truthfully, my grade sheet for my University class looks just like that too. Old dog, and all!
I think if I kept a grade book it would have a lot of color too. But it would be on Excel. I guess it's all on computers now, though, which probably don't let you use color.
It definitely would make it more fun/interesting than writing them all in black ink.