Some guy was on here was selling roe flys made out of yarn a few yrs ago. Can't remember who? Said they worked better then roe.
They are made out of Rabbit fur, with single eggs attached under the fur. I often did very well for steelhead with them (especially in bait ban flows), but salmon seem to key in on scent rather than sight in my experience. They do work on salmon, but I'd choose roe over the "roe flies" if I had the choice for coho/chinook.
Going back onto topic of this thread... I rarely fish wool anymore for any fish. Back when I used to, I actually used to get a fair number of Chinook on a light teal blue colour. Black/red combo was my next fav for chinook. I've personally never done well for coho with wool. Some guys swear by peach wool, but a good majority of "those guys" I've talked to have been fishing 2 feet deeper than the depth of the run with a 5 foot leader, so I tend to believe they aren't actually biting it.
If you're wanting to go cheap, but effective, try out jigs and colorado blades. They work very well on coho (often times better than roe). Colorado blades you can use the trailing hook method to save on cost of swivels/split rings/open eye hooks. Jigs just buy a few beau mac or firststrikelure jigs. I like to stick with bright pinks with a hint of chartreuse (green). Once you've caught a few does on blades/jigs, you can cure your own roe!