using blue/red mylar to reflect blue/red light

I've read on RIU that shiney wrapping paper is a vry good mylar substitute, so i went and bought some. it happened to be solid blue[shiney] on one side and solid silve on the other. since visual perception of color is really what the surface reflects, would using the blue side rflect only the blue light? and since i'm using reddish CFL's [2700k], would that provide good red and blue coverage for photosynthesis?