Does the light color spectrum and frequency matter for photosynthesis?
It matters a lot.
Take a look at this graph:


This graph is for the "normal" plants containing chlorophyll.

There're also "abnormal" :-) ones, simple water plants and cyanobacteria, that contain various phycobilins for photosynthesis instead of the chlorophyll.

If your question is practical, I'd recommend using specialy-designed fluorescent lamps called grow light.