Yea if it's the stuff that turns blue and green and yellow then yes.. think it's called... Bromothymol blue.
and if you were hypathically add ph down or up in that case it would overall affect the co2 drop checker. would actually turn blue if it went down.. but besides the fact.. It's changing qualities in the water. (please someone let me know if i'm wrong in this case) They are 2 qualities that are linked together, change one quality then you'll get a difference on the other one, such as ph swings during night when co2 goes off.. or on for that matter, but pH buffers replace KH therefore rendering the reading as useless
so to answer your question if you were hypothetically to use the ph down or up as a buffer it will change your readings.. but your as i said again.. ph buffers replace kh which make your readings useless...so you cannot adjust those water qualities to gain co2.
take a read on the pinned co2 forum, you might get a bit more technical in there, maybe a bit to clarify things.