Blue/Purple is bad. Orangey Pink is good. In general tubes go towards a purplish color when they get gasses in them. Sometimes you can see a glowing cloud when the notes are hit on the guitar. Cool looking, not so cool sounding.
The equation for the bias is... P=IV Yeah it is just that easy... P = Power (Watts) or Max Plate Dissipation Wattage, V is the B+ voltage, and I is the bias current. So for an EL34, P = 25W, at 500 V you rearrange to get 25/500 = bias current of 0.050 amps or 50 mA at 100%. That drops to 35mA at 70% of Max plate dissipation. Obviously it depends on the voltage coming out of the rectifier, and the Max plate dissipation wattage of the tube.
Headroom more of an amp design issue rather than bias issue. Certainly if it is biased really cold, like Peavey often does, it will not sound as good as it can. Crossover distortion happens, and that generally is not a reason people get tube amps. Fun for noisy insano fuzz, but not for well maintained tube amps. But, headroom is of a product of amp circuitry design.
Patrick