FG generates color bleeding, but this color bleeding does not behave the same as GI. FG has a very limited range, so bouncing light will be lost shortly after the bounce. More, FG rays do not bounce more than once or twice (not sure, but not more than twice).
So the answer is no. If you really want color bleeding over a large open space but don't want to use GI I recommend that you use good old lights.
Hope this helps
Salutations - Cheers
Bernard Lebel