Just the process of finding cheaper colors is manual - You can always click on a piece in whatever list you have in BL and get it's details. A good indication is the amount of available pieces in each color. In the case of the 1 x 16 Technic brick in bley - there was only a few sellers having them and for a ridiculous price. But black is rather common. When you find a color that is cheaper/easier to find, You can edit your "Wanted List" and change colors of a piece.
The idea of having three wanted lists was to keep track of what was ordered and what was at home. The first list created was the Part-Out from the set. When parts was ordered, they were (manually) moved to the second list; and finally, when the parts was in my hands, I moved them to a third list. All these steps are manual - orders and so on. A feature in BL is that you can rather easy see what a store has from your wanted lists (and here is a trick - use the Part-Out list in the stores. When parts are moved from the list, you will not accidental order the same parts multiple times). As I know, there are no way to automatically order stuff from a list - you have to find them manually. Finally, when list one and two are empty, then you know you have all parts and you can start the build...
I hope this explanation did help...