In CSS we can use several different methods to define a color:
red#FF0000
Typically, css optimization is all about minimizing the number of bytes going over the wire. The hexadecimal colors tend to be the shortest (in your example, #f00 could be used instead of #ff0000).
I realize this isn't exactly answering the question you've asked but I haven't seen any browser tests which attempt to measure how different color representations affect rendering speed.