From what I understand, color perception involves the ratio between the stimulation of the photoreceptors, not the direct intensity of light reception of an individual receptor.
I could not tell you about what a rainbow would look like to a red-green colorblind individual. One experiment you could try to do is load a high color quality photo of a rainbow into some good image editing software and manipulate the redcs and greens so they are the same color. I used to have links to websites that simulate what a colorblind person sees.
Neurons (and photoreceptors are neurons) tend to code events as a change in firing rate. All neurons have a quiescent firing rate.
If you tickle the retina with flickering light you get subjective colors
http://www.google.com/search?sourceid=navclient&ie=UTF-8&rls=GGLG,GGLG:2005-31,GGLG:en&q=benham+colors
I'm thinking the flicker rate that produces the experience of color must be related to the firing rate that would produce the "true" experience of color. I did some work on this in college, but it's an incredibly difficult field.