As I understand it, the basic plot went something like this:
-- Spread a disease that's unpleasant and highly contagious, but not necessarily fatal.
-- In the ensuing panic, get Revenant operatives (who've been secretly vaccinated against the disease) placed in positions of control, political and bureaucratic.
-- Control everyone and everything.
Would something like this work in real life? Well, it sounds plausible enough for a spy movie, but I rather think not. There are too many things that could go wrong. Voters in particular are not that predictable; they don't always and reliably vote for the first person who pops up to solve a problem. (Okay, sometimes they do, but not always.) And people aren't puppets who do exactly and only what they're told to do, especially morally suspect things. Finally, viruses aren't controllable things. The original Colony virus might be relatively harmless, but living organisms mutate. This one might mutate into something far worse and kill everyone, or it might turn into something harmless and fizzle out. And what one man can invent, another man can subvert, and a cure or a vaccine could be available very quickly.
On the other hand, it's a perfect fictional Criminal Mastermind-type plot, isn't it?