I think that there is a big difference between persons in eye sensitivity. I cannot find any other reason to the fact that some people say that a color safelight is very good thing and some that it's completely useless. If you have a good night vision in your eyes, you will enjoy the color safelight without fogging the paper.
It IS true that any safelight WILL effect results, but if it gives a fog level of, say, 0.05D, then this effect is not VISIBLE to a person who looks at the finished print.
I have ran fogging tests and my safelight is okay for 5 minutes. I can barely see the paper in dark but it's not enough to help with contact prints. But, I have a button, when pressed, it gives much brighter safelight for a few seconds. I use it when it's time to move paper from DEV to STOP. It can also be used when arranging negs for contact print. It doesn't fog the paper if pressed only 3-4 times. In addition, I use a method of decreasing total safelight exposure by means of blinking the safelight at 0,5 Hz and a pulse width of about 30%; that reduces the total fog to 30%. If I added a very good filter passing only 580-600 nm to my LED safelight, I could probably at least double the illumination level without any visible fogging and get quite a good safelight. It's even more safe when the light source is yellow LEDs to begin with, compared to a light bulb.
But if the safelight filter passes anything other than 580-600 nm, then it is probably completely useless, at least with an incandescent bulb. You have to be sure.
I would recommend you to look at the paper datasheet, eg.
http://www.kodak.com/global/en/professional/support/techPubs/e4042/E4042.pdf at page 5: spectral sensitivity curves. You can observe that there is a pit between 580-600 nm that is
four stops less sensitive than red layer at 690 nm, and
eight stops less sensitive than green layer at 550 nm. If you just had a broad yellow filter, you could have a safelight that really has to be very dim, but if your safelight really is only 580-600 nm, then it could be 16 times brighter. In addition, our eyes happen to be quite sensitive to about 580 nm, much more than to red light, for example.
So, if you want to use leds and don't have a spectrometer or LED datasheet available, just take the color that is basically yellow but a
very little orangish. Not orange, but even worse is to take greenish-yellow -- the reason can be seen easily from the spectral sensitivity curves of the paper.