Brian, I'd go with the blue. That's the one I have and used to shape chair crest rails. When you open the package and look at it close, you're likely to have the same reaction I did. "This is a FINE grit?!?!?"
The carbide teeth are like stilleto's and very sharp. If I were to mentally compare it to sandpaper, I'd rate it a 20 grit.
When it get's to spinning though, it'll hog off WAY more wood than you want if you're not careful. The nice thing is the teeth are tall, but farily narrow and there are a lot of them. If you take very shallow passes, you can leave behind a fairly smooth surface.
Don't forget that you need to follow this up with a scorp, rasp, spokeshave (I recommend LV's), or sandpaper. The finer surface finish you can get with the Kutzall the better. Makes for less sanding later.
Get the blue. You won't need anything else.
Regards,
John