LuaTeX: Microtype/fontspec/luaotfload buggy interaction canceling each other's settings

Microtype and fontspec/luaotfload seem to interact, and cancel each other’s settings. In the following code, fontspec option Color=FF0000 and lsstyle interact to cancel each others effect (coloring & spacing). Luaotfload gives weird error message:

luaotfload | color : "ff0000ffkernfactor" is not a valid rgb[a] color expression

Code: Run it two times, first without any changes to see the color & spacing effects being canceled. For the second run do the changes (comment/uncomment) mentioned in code. It seems to hide the error exposed in Run-1, but its not a solution as option Color can take other named colors values like Color=red where we cannot do anything!

documentclass{article}
usepackage{xcolor}
usepackage{fontspec}
usepackage{microtype}
usepackage{blindtext}
SetTracking[name=body,spacing={-10*,1*,1*}]{encoding=*}{-20}

% Run-1: keep following line uncommented, Run-2: comment following line
setmainfont[Color=FF0000]{Linux Libertine O}

% Run-1: keep following line commented, Run-2: uncomment following line
%setmainfont[Color=FF0000FF]{Linux Libertine O}

begin{document}
    lsstyle 
    blindtext[1]
end{document}

Screenshot of Run-1: Spacing does not change from default, and coloring is not applied

Screenshot of Run-2: Spacing gets tighter, and coloring is applied