No. The President isn't supposed to be a fighting class, so he has a weapon that is more of a last resort if he can't run anymore. An OG President running around with colts doesn't make sense. You aren't supposed to have good fighting weapons as President because the whole point is that you depend on your security and/or your evasion tactics.
very useful for aiming at enemy wheels; D
This is another reason why I don't like it. The President is often a passenger on an NRG. It's already difficult enough to catch him in that case, but colts will make it worse. As it is, it's difficult to do much apart from jacking and escaping when you're surrounded by NRGs- it should be this way. With colts, the President could actually do damage.
The last reason I don't like is that it just feels weird to even consider it. It's like giving securities TEC-9s. It feels like cheapening the class. It's worked one way for so long that it feels odd to even consider it differently. I don't think it would be a positive change.