I'm not sure why people are so obsessed by 470nm specifically. If you look back at the original literature, you'll see that the response is quite broad, and is actually a fairly good match for the overall blue channel response you posted earlier.
So yeah, for marketing purposes, it's probably more effective if you can tap into the hype around 470nm. But if you really want an app that's effective against insomnia, you might as well measure the blue channel all by itself...
PS: Also, simply subtracting the red channel from the blue gives you such an incredibly crude measure of the light incoming at any one particular frequency,
that using highly precise measurement equipment to validate the result is rather nonsensical.
The DIY spectroscope Public Lab really gives you more than enough precision for what you need (although perhaps not enough for what your customers *want*, but what do they know...)