We have quite recently added a function complexColoring into the package ImageUtils. It colors complex arrays using a desaturation colormap. It is designed such that changes in phase do not alter its gray value. From the example posted this seems to be what you want.
You can see the colormap in action in one of our publications in figures 1 and 5.
The example in this post does only encode phase and does not seem to desaturate towards z=0. If both phase and absolute value are important, this kind of coloring is not really suitable.