If you're using Unreal I'd use the Post Processing options with less saturated lighting, maybe your middle screenshot. Because it's dynamic you can experiment quickly to find what you're looking for without having to sink time on rebaking lighting or reimport textures. Also with PP being dynamic means you can have it…
And about your question about colored lights, personally I like to start with lights fairly neutral or just warm or cool enough for separation when both warm and cool are in the same scene, like overcast lighting coming through a window in a dark room with a lamp on. This gives enough separation for Post Processing to do…