Hi Tim,
I also failed the Lantern test at Gatwick 9 years ago when I was 18, and have since been tracking as much progress on the developement of medical science and medical licence reviews as possible, to cotinue with my ambition as a commercial pilot.
I also investigated a rumour that colour deficiency would not restrict you from gaining a CPL in Australia, which is true allegedly. However, using that licence in the UK (and other countries no doubt) would not be possible.
I last spoke to the CAA medical board in September of this year, to ask if there were any current or future projects that will focus on the validity of the current license restrictions concerning this, and their response was no.
For the time being, it looks as though a "colour deficient" pilot within the UK can do no more than make flying a hobby, in IMC at best.
Reading of interest to you:
http://www.aviationmedicine.com/colo...n.htm#aviation
Keep looking and don't give up!