VP9 doesn't have GPU acceleration. VP11 with a low spec graphic card and GPU acceleration ON will give you problems. Switch OFF GPU acceleration and render again.
Random black frames seems to be a problem that has plagued Vegas for some time, especially with avi files. One suggestion before final render is to always save your project, close Vegas, restart, reload your project and then render.
Regarding color issues (I'm not sure what you mean), but you may want to have a look at this thread.
Its been awhile ago, but as I recall beginning with some release in V10, there was a color issue that was not resolved until a later release in V12. In essence, the problem was using 601 (SD) rather than the usual 709 (HD) color primaries, transfer and matrix coefficients. In this thread, you will see the workaround which at the time did work--using a different set of primaries rather than the usual 709. Just apply the suggested set of primaries and save as a preset. I did this until the release when the problem was fixed. Hope this helps.
I have been having same issue with the random freezing when I render to MPEG2 to make a dvd. I have had no luck in fixing it. GPU on or off, doesn't matter. Restart PC or not same results. I record video with a NX3 and it uses the .mts file, I then edit my footage and render to make my bluray and dvds. no Issues with bluray, but the MPEG for dvd is down right awful. I had to buy a program that would copy a bluray movie to a dvd, then import that dvd back to my pc with another program and use that to edit for my final dvd movie. its terrible. I downloaded the trial of Adobe Premiere and it took my HD files directly to dvd ready format and it looked great, if only I didn't have to pay a monthly fee to get Premiere.