Matt,
As far as the variations in the Mardi Gras finish, I think I can speak to that point somewhat based on my experience and small collection. It seems to me that the early Mardi Gras version when it was first introduced around 1958, was a much busier finish. What I mean by "busier" is that there was alot of the multi colored confetti squares used on the black background alot more gold too. The later period around 1960 or so, looked more classy to me. It still had the confetti but much less use of the squares and it had a nice mix of blue/green & red/pink & gold/yellow/orange with a sprinkling of the silver/gold/white dots on the background like these Spotlight drums. You saw more of the black background and it appeared to enhance the confetti.
I have a very late kit in Mardi Gras, which was discontinued after 1962 (but still used the next few years from remaining stock), that Mardi Gras has a distinct purple tint to the clear coat. These drums were paper tagged with Dayton Holiday labels 82XXX and came with Beavertail lugs. They were likely from 1965 or 1966. This Mardi Gras has very few confetti squares and almost a Black/Purple Sparkle appearance since most of the background has the sprinkled dots but very few squares.
When you see a lot of silver colored squares in the finish, I would say that these are faded out gold/orange/pink/or blue squares. There will probably be some degree of fading no matter what, but the more the silver the more the fading, I would say. I notice that generally the top of the bass drums and the out facing side of the mounted tom seems to be more likely locations where the fading is more prevelant.
I know this may sound like I am a nut, but I really am dialed into this finish for some reason.
Anyway, that is my take on the color. I like the appearance of the 1960 - 1962 Mardi Gras the best, like these drums.
Mike