Hey there,
Not a MO or optician so take my post as a pinch of salt (go to your AFCO to confirm).
But yes, people with a CP (colour perception) of 4 or above is usually fine.
Vision wise, its VA3 (that's pretty much almost blind!) or above (if you can read the 1st line of the chart you should pass, least that's what the optician said).
Of course, if you're going for something like a sniper it helps if you have good eyesight!
The eye test is pretty much a normal eyetest as you'd expect (read the letters off the chart) plus the Ishihara Test (read the numbers from a coloured background). If you fail the Ishihara Test then you'll do a further test.
Hope this helps a bit.
Forgot to add:
You must also be able to close your left eye - otherwise you'll have a bit of a difficulty when shooting through a scope (plus it's a requirement)!