Hey Steve,
I am not expert in Squid Fishing but have caught a fair few in my time. I use mainly Yamashita's, Yo-Zuri and Berkley Powerbaits since they come scented.
I always start with either a pink or an orange since this is what I have had most success with throughout the years. If there is no action on them for about 30 minutes I will alternate to different colors such as browns, whites, silvers, blues and greens. My squid jig collection isn't huge but the majority of them would be pink / orange.
As for the success rate of these jigs, it's about the same throughout the range. really depends on how you work the jig.
There is also no doubt that you can catch squid with the cheapo jigs as well but I have never had any luck. I am going to add some Gancraft Jigs into my collection soon as there is a local tackle shop to me that sells them for $20.
Anyway, good luck with the squid mate.