Playing inversion mean you move your fingers to form a chord to other with minimum movement. Like C chord ->Em. just move the C on finger to B to form Em. You finger do not move too much. Normally within an octave.
Colour chord is easy apply when you know that the "position" of the chords on given scale. That why you see I-IV-ii-V. Telling you the chord progression and scale, you could "upgrade" the basic chord like. I->Imaj7 or I9, V->V7 or IV/V or V alt(commonly for jazz).
Im afraid your view of inversions is skewed...or I dont understand it....
here's the wiki
A chord's inversion describes the relationship of its bass to the other tones in the chord. For instance, a C major triad contains the tones C, E and G; its inversion is determined by which of these tones is used as the bottom note in the chord.
The term inversion is often used to categorically refer to the different possibilities, although it may also be restricted to only those chords where the bass note is not also the root of the chord (see root position below). In texts that make this restriction, the term position may be used instead to refer to all of the possibilities as a category.
In my understanding....an inversion of a chord would be the same chord with a note apart from the root note, being used as the bottom/bass note.
E--0--
B--1--
G--0--
D--2--
A--3--
E--3--
would be a common inversion of C major(G as the bottom note) = c/g, the other inversion would be c/e
As for adding colors, you can go by the guidelines in the previous post....
but randomly picking additions to the chords might not always work for you....you have to pick your additions based on the previous and next chords.....
In the case of your first progression...I would probably pick something like this
Cmaj7 Em7 Am7(or Am9) Fadd9 G13
(too lazy to type out the voicings)
Id suggest trying out simpler options before going into altered chords and tritone subs