Hello robochrish,
It sounds like you have a bug on your hands, but to be sure would you mind providing me with some more information on how you got to this point. I attempted to reproduce what you are experiencing in my own test project, but with no luck. What I did was create a couple of point lights some color added to them. I converted them from Stationary to Static Lights and saw no color change.
Also which version of the engine are you working with? I tested in 4.5.1
Thanks,