It was practical.
GM used paint to keep the engine from rusting.
Then someone came up with the idea to use colors to make it easier to distinguish engines for installation on the assembly line.
The shade of the color was not as important as lipstick, for example, you just needed enough color difference to help with the identification.
http://www.1954advance-design.com/Web%20images/PPIP/PPIP-1912-1966-EngineColors.html.


"Adding CFM to a truck will only help at engine speeds you don't want to use."
"I found there was nothing to gain beyond 400 CFM."