Honestly, it couldn't hurt. Contrary to what the above poster says, if it gives YOU confidence that it will increase your chances then go for it. However, don't rely on it and focus on how you can show them you're fit for their program.
And I wouldn't call it "sucking up" either, if they see you took the time to wear their specific school colors, when you may have had 5-7 other interviews with other schools, it's going to make you stick out from the crowd slightly and show that you really do care about attending that school more than any other. However slightly is all we can ask for in this situation when we are trying to maximize our chances.
All I'm saying is it may catch someones eye, whereas a bland suit and tie would get lost in the shuffle. So if it comes down to it, with two even candidates, I'm picking the one who wore the school colors, it's that simple.