Not much faster.
Any k-coloring algorithm of complexity F(n) can be used to create a chromatic number algorithm of complexity lg(N)F(N) simply by bisecting on N.
If your k << N then F(N/2) is going to eat up all of the running time of ΣF(i).
This is illustrated by the fact that there are more leaves in a complete binary tree than all the other nodes summed.