Not sure about an all hot-orange charlie but we used a variation on the gotcha theme with a fluro red head which worked great. Works great in the Bahamas too. (See swap report 2 in the archive).
My most interesting experience with color so far was having four bonesfish simultaneously trying to 'eat' the hot orange thread wipping at the end of my floating flyline - the look on the guides face was to die for!
The day we fished the Korean wreck (a must do trip at CXI) we were fishing BIG crabs and clousers (3 - 4 inches!) in the surf. Its amazing what a bonefish will eat when its in the mood!
When sight fishing, look over your shoulder from time to time, you never know who's behind you