Yes there can definitely be color shift and arctube bulge as seen
here and
here. This concerns universal burn lamps.
I have also tested various brands of 175w universal mogul base M.H. lamps in my M250's. From what I have seen, the GE's and Philips I've tried, they seem to run a bluer color when operated horizontal. The Sylvania's that I tried didn't seem to be as blue but that could only be an exception. I also have a 400w Sylvania MH in a Silverliner at work and after 9 months, it still makes a nice whitish light. I haven't checked the arc-tube yet, though.