No, what you suggest isn't practical at all. There is nothing non-toxic about potassium chlorate, it breaks down into any of a number of chlorine containing gasses. Besides which, it may even explode when heated. I don't see how this is a "colored" smoke at all, it is simply white. Most important of all, we never give opinions, on this forum, on the topic of internal consumption of random chemicals. I've locked this particular topic, but feel free to ask another similar question, without asking about smoking or eating it. Perhaps you're trying to make a prop for a play to give the caterpillar from Alice In Wonderland more pizzazz?