I can't say that I totally agree with what Matt said, but I see where he is coming from. He is right that color picking won't totally get you there in terms of doing a master copy, but it gets people WAY closer in many instances than they would be by picking the color on their own.
In my digital painting classes, most students pick colors that are MUCH more saturated than in the actual painting. Then they have to go in there and back off of that saturation bit by bit. Many times something that looks red is actually barely more than a neutral tone. I have the students paint an apple and there is some colors in there that are so subtle that only glazing neutral tints on top of saturated tints will achieve it. It's invaluable to be able to do this and changes the way you will see color entirely.
With the drawing, I don't ever see a need to trace it. If you are really good, you won't have to trace it. And if you aren't good yet, you are limiting growth by tracing it. Drawing (shape making) is absolutely the most important skill to get down. Followed by value, then color and lighting.