Colored ingots do not give the kind of mods you're thinking of. Colored ingots give different things like gold=luck and lower requirements, valorite=good spread of damage like fire damage, & cold, etc (it's on the stratics smithing site).
Normal hammers don't add any mods at all (other than the lowly things the colored ingots give).
You need runic hammers to get mods like DCI or Spellchanneling. The low dull runic hammer gives only 1 mod where the Valorite runic gives 5 mods.
That's the quick version.