I have always wanted to learn to fly, and am finally getting to a point in my life where it may be financially possible/responsible to do so.

One thing that has always help me back is that I have a pretty significant color deficiency. I am not totally color blind, but it is enough that I know I would fail any color vision test I have to take as part of a medical. Is it possible and safe for someone with my level of color deficiency to obtain a general aviation license? Would attempting to do so, but failing the test render me ineligible for the Light Sport certificate? From what I have read, light sport only requires a drivers license for the medical, but if you have failed a medical in the past you are considered ineligible. Would I be better severed accepting the light sport may be my only option, knowing that trying for general aviation certificate might result in me never flying at all, or is my concern about color vision overblown? Is it even safe for me to pursue light sport knowing I have a color vision problem? Thanks for any input that can be provided.

Suggest you pursue the AOPA medical website resources.    

Also research statement of demonstrated ability.

You can get a SODA for color blindness.  My understanding is you must be able to differentiate light gun signals from the tower.  AOPA, as previously mentioned, may help.  Most towers will give you the light gun signals if they arent very busy.

I went through my training and received my certificate before dealing with the color deficiency problem on my medical.
Worse case I wouldn't fly at night or under light signal (carry a back-up radio for added security).
I contacted OKC and they set up a SODA for me with my local FSDO. Took a few months IIRC. It wasn't easy for me but I passed and received my waiver letter. My doc has a copy so when I go in for my medical the color test omitted. No big deal.

I'm color blind also. It restricts you from flying at night and in conditions where a light gun would be needed.

Easy to get the restriction taken off.  Go to FSDO and they will shine the light gun for you in the parking lot and you are GTG.

If you want a commercial license you have to fly by a tower and identify the lights shown.

One of my LSA students had only one eye and he got his certificate, so you definitely can.

I haven't instructed in a couple of years so I'm not up on the process, but you definitely can do it.

Very helpful, thank you everyone.