There is some combination of compatability mode and admin mode that results in proper colors every time for me, but I can't remember it now, and don't have the game installed... try to mess with those as well as the alt-tab option.
This will be blasphemy to many people here, but I really hope for a PSN/XBLA rerelease at some point, which would run perfectly.
Ho ho ho, this is the Fallout engine we're talking about.
Jesus Christ himself would have to
miracle the Fallout game engine onto PSN/XBLA. It's far too temperamental, proprietary and finicky to be ported. Just trying to mod it is a Herculean task in and of itself.
The poster child of an "impossible to port" game.