I totally agree that if you do this...
If you take a smart string node, set it to white, then start decreasing the supply voltage, it will start getting a red tint to it as the voltage decreases. At some point, the g and b will drop out completely and the red will slowly fade away.
...because the supply voltage for the entire string is being adjusted to a lower level.
It is just not a normal mode of operation to not supply the required voltage to the circuit. It would definitely be a great indicator that a power supply was failing though.
Rich