Using special fiber cords that change color under strain is an interesting, but an ultimately silly thing to do.

I can tell you what their conclusions will be already, without needing a grant for extensive testing:

(1) Strain increases as the load increases
(2) Strain increases as the rope curvature increases
(3) Failure points will be at maximum strain points, and at points of preexisting damage or poor quality manufacture

More useful would be a study of knot security rather than knot strength.