If it is dark, as in Navy blue I wouldn't be afraid of it. However, if it is approaching sky blue I wouldn't wear it hunting.
We've known for decades that birds see blue. Turkey for example, and birds that might alert game to you such as the Blue Jay. The fact that birds see colors quite well is evidenced by the male bird's often bright hues, which attracts females and deter males.
I've read research in just this past year that whitetail deer also detect blue better than we thought.
Can it work, surely! However, the beast has too many advantages when we bowhunt to give them one more. Of course if you are in a blind or in a tree stand with good cover and you get there before light...??