Small example of color blend between source/target particles. I'm using Script to write vertex color to particles (UV channel 0). It's possible to do material blend without the Script op but you can see it only in render but I prefer to see the color blend in the viewport. Also I'm using my scripted Find Target because I don't like the standard Find Target - it fails in a such simple task as to drive particles from point A to point B for a given time with some noise.
File:
https://rman197.gumroad.com/l/ucinu