Given max amount of iterations = 1000 give me some ideas on how to color (red, green, blue) it. All I can come up right now are lame 2 color gradients 🙁
Is it actually possible to come up with something as beautiful as this?

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50 iterations is very, very coarse and you won’t get much detail.
The easiest way to get the spectrum is to use multiple two-color gradients. So, 50-41 iterations might be shades of blue, 41-30 might be blue-red, and 29-10 might be red-green, and 9-0 might be green-white.
An RGB monitor’s gamut is triangular, so such a scheme pretty much follows the outside of the “color wheel.”
A search for HSV RGB library might turn up tools to help use the easier HSV color system.