con color itself isn't an indicator of if an item needs to be upgraded or not. it simply means how many levels an item will continue to grow with you if its Orange or Yellow. Or if its Blue, Green, or White it tells you that an item is below your level and how much its below your level.
Items from heritage quests for example will continue to be the best items you can get for that slot until well beyond white. Probably until green, unless you can find another heritage item to replace them.
Basically you have to compare each item in each slot, there is no mass or quick way to tell.
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