You need an HD DVD player to play that side. Adjusting only the blue shouldn't affect the red and green, as each pixel has it's own set of three colors. I would adjust all three unless you are completely happy with the colors. Grass on a football field should look green, not bluish green. A blue sky shouldn't have any tint of green. Reds should be nice and deep, not orangish.
There are threads at AVS where guys post their exact settings after running DVE and Avia. YMMV because everyone has different lighting. But, what you can do it print out and try their settings compared to yours. Find the one you like best, then simply tweak the contrast and brightness depending on the source. My SD feeds are completely different than my cable HD feeds, as are BD and HD DVD feeds. HD feeds from cable are usually sharper than filtered (read softened) BD and HD DVD movie feeds, so a higher sharpness settings benefits me when watching HD DVD/BD discs. Also, when watching sports on cable HD feeds on my LCD, I benefit from using the fast motion filter and noise reduction filter. I don't want that filter on when watching HD/BD movies because they are many times softened up a bit. We watched the Break Up last night, and it was filtered so much I couldn't tell if I was watching the correct side of the HD DVD disc. I think they may have used an inferior camera when shooting. Decent movie, but bad pic quality for HD. That's not the case with Transformers HD. That could be a reference HD DVD.
The nice thing about the newer sets is that they can save the settings per input, so when you switch inputs on the tv, the tv remembers the settings for each input. I don't think that's possible if you let your receiver do the switching. That's the one big benefit of running your video sources directly to the tv - saved settings. The downfall is that you lose the lossless audio from not running HDMI through the receiver first (assuming it can process the lossless audio). The one way around that is to use your analog outputs from the BD player directly to the receiver. It's just a lot of RCA cables when HDMI has made it so simple with one.
They should have college courses to explain this. I'm sure what I just said is a bunch of mumbo jumbo.
I was watching the OSU/Tennessee basketball game on my plasma yesterday, and my jaw still drops at the picture quality. The blacks are amazing, and close ups of the players unreal. I can't wait to watch the playoffs today in HD.