Dependent color change effects

[Drathro]

Here is an effect dependency question, which would help me out if I knew the right answer. I think its easier to set up a situation than to try to make a single question out of it. If any assumption I make is incorrect, please point it out.

The set up: I'm playing a deck with Coast Watcher (http://ww2.wizards.com/Gatherer/CardDetails.aspx?name=Coast%20Watcher), Swirl the Mists (http://ww2.wizards.com/Gatherer/CardDetails.aspx?name=Swirl%20the%20Mists) and Sleight of Mind (http://ww2.wizards.com/Gatherer/CardDetails.aspx?name=Sleight%20of%20Mind). Coast Watcher is in play.

- The first step is basic: I play Swirl the Mists, choosing Black - the text of Coast Watcher now includes "protection from Black."

- Now I play Sleight of Mind on the Coast Watcher, changing Black to Red. - the text of Coast Watcher now includes "protection from Red."

- Swirl gets removed from play - the text of Coast Watcher now includes "protection from Green," because the Sleight effect says to change "Black to Red," with no mention of changing Green.

- Here is where it gets a little tricky: if I play one more Swirl the Mists that changes all color words on permanents and spells to Black, does the "Black to Red" from the earlier Sleight of Mind then apply, because that effect is dependent on "Green" changing to "Black," resulting in Coast Watcher having "protection from Red?"

[Anusien]

- Here is where it gets a little tricky: if I play one more Swirl the Mists that changes all color words on permanents and spells to Black, does the "Black to Red" from the earlier Sleight of Mind then apply, because that effect is dependent on "Green" changing to "Black," resulting in Coast Watcher having "protection from Red?"
Yes. It all works exactly the way you described.

[Drathro]

Thanks! I didn't expect to be 100% right, but sometimes it happens.