No don't use the colorsafe bleach. I've used it for 3 years straight and I've investigated thoroughly. Does it bleach colors still? Yeah. Those new shirts I get I toss in the tub first and colorsafe bleach it. Wow, and look at the navy come out of those navy t-shirts. I used Tide also... yeah. You don't want that stuff.
Seperate? Definitely. However I like to use it on my whites. It helps, and it's not devestating like regular bleach just in case you happen to throw some colors in there.
I think its a huge issue for first time washing using colorsafe bleach, and still it bleaches over time. After 20 washes, you're definitel;y going to have more fading than with regular detergent.
I still have some colorsafe bleach left, but I reserve it for whites only. I've mvoed to regular Tide for my colors.