Color Magic is definitely viable, it just won't affect the living world. I didn't gain any abilities from Newport to test it out, but I think that any that didn't rely directly on your physical body should be fine.

I should warn you that this body lacks a lot of the normal abilities of ghosts - physical barriers still block you, and psychokinetic levitation and the like takes a great deal of practice. You might be able to shift something with my abilities, but I think those are again tied to my mind, not my form.