I'll jump in, since I had pink hair at some point in high school.
You know, on the surface, that seems like a good idea, but when these kids grow up, they're not going to have pink hair. They're going to have to get a job, raise a family, and be an old lady (or man). Pink hair, goth make-up, and the like are a great teen angst cover, but once they hit a certain age, that's not going to work anymore.
Yes, to get through high school, you could do that. Kids are nasty sometimes. But after that, it's time to learn to deal with your differences. Actually, I do bealieve it's better to skip the whole cover-it-up attitude, and deal with it already. The sooner the accept what you're born with, the sooner you can get on with your life. If someone doesn't accept you for the way you look, then they are not worth your time.
If my daughter, who has some scarring/uneven texture from her hemangioma that was surgically removed, decides to have pink hair I will support her decision. I will also help her deal with the reason behind the pink hair. It's a cover for something else.