Joe,
Good observation-- it does seem to be a pretty sound theory.
A complete aside here-- Ours doesn't have the blue eyes (many, but not all, do), but she does has the blue merle/leopard coat markings. When we first adopted her from the shelter, I kept finding myself staring at her because she's so beautiful. Even though it wasn't a direct staring into her eyes, I have to say she didn't really like it much! I still find it hard not to stare.
Good thing she's mellowed a bit over the years... :-)