"would the 3.30 V supply (being less than the Maximum-case of the LEDs' forward voltage) be an issue"
Yes. Green & Blue may not turn on at all.
V Out Low is provided by an NPN resistor with some voltatge drop across it. All the references show Vo as 1V.
3.3V - 3.2v - 1V <0, so the LEDs may not turn on at all.
forward voltage - an LED is just a diode that gives off light as it conducts.
When the anode voltage exceeds the cathode voltage by the designed amount (determined by the device's material properties) it acts like a switch and begins to conduct current - as much as the supply can provide it (hence current limit resistors) with the voltage from anode to cathode as specified (forward voltage).