Joe, "colorado/a" primarily means "colored" but usually means "more or less red". For some people they're synonyms, for some others "rojo" is brighter than "colorado".
Then...
chorus: it's "Qué bonita bandera (when it's an exclamative or interrogative word, it's "qué")
...puertorriqueña with lower case and double r -in Sp., the nouns and adjectives of nationality or the like don't begin with a capital letter;
1st verse, last line, I'd write it as "Bonita, señores, es ...
2nd verse, 1st line: it can't be "Todo buen" (masculine) puertorriqueña (feminine), it must be "Todo buen puertorriqueño"