I've never dyed CDC but have recently started doing other feathers and the process is pretty easy, Midlander did a great SBS
here. The principles for CDC would be the same although you could do it in a glass jar in a microwave.
Cost effective? probably not but then what is cost effective about fly tying

, each dye colour will cost €3-4 which would buy a couple of packets of dyed CDC. A pot of dye will do a lot of feathers though, for a 1 gram bag of CDC you'd probably need about 1/4 teaspoon of dye. As CDC is quite greasy I would think you would need synthrapol to soak the feathers in as it's much better than washing up liquid.