Josh,
I've never heard that story. What I have heard is that it is actually an Alpha Romeo color. Makes a lot more sense. The Italians generally are quite nationalistic. I do know that the Alpha color is a deap ringer for the original. BTW, the Cinelli color is actually silver. What makes it look silver-grey is that the clear yellows and makes the older bike look more grey. The same process of yellowing clear is responsible for the original color of Celeste (meaning "sky", which in most places is blue NOT green hopefully) turning green. Add yellow to blue and it turns green.
I would go with the Alpha story, if I were you.
Brian Baylis
La Mesa, CA