Sounds interesting, if it's more accurate then I'd give it a thumbs up.
But now I can't help but wonder what's happening physiologically that would cause those symptoms. I understand the basics of why pilots black out under G load but why would you lose color vision first?
Actually, I can answer that =)
It's a loss of blood flowing to the eye. The eye is really 2 distinct sets of nerve clusers called Rods and Cones. Rods are very high resolution black and white recepors, and Cones are the color receptors (basically). Cones seem to need slightly more oxygen/blood flow to see properly. Since Greyout/Blackout is the removal of blood flow from the upper extremeties, Cones start losing their ability to respond before the Rods do, leaving you with the Rods signaling most of what you see. When blood flow returns, the Cones again begin broadcasting signals properly.
As far as more realistic, I just checked it on Wiki (I know, not the end all-be all of resources, but it's a start), and the entry on G-Loc :
http://en.wikipedia.org/wiki/G-LOCStates that there are 4 main stages of G-Force effects, in this order :
--Greyout- a loss of color vision
--Tunnel vision - loss of peripheral vision, retaining only the center vision
--Blackout a complete loss of vision but retaining consciousness.
--G-LOC where consciousness is lost.
So apparently my memory wasn't altogether off. =)