For myself, I find the breeding trinity is a bit of a challenge- but I tend to get a little crazy, as well as trying to create the occasional new strain.
By far, the easiest way to selectively breed with as little time/space/money as possible is to wait until your tank has around 100 shrimp or so, and then cull down to 10-20 of the best. Then repeat again and again.
Takes a little longer, but much more enjoyable for the average person- and if you are working with an already established strain, you should get some killer colored shrimp between 1-3 yrs. A relaxing road to take for a specific goal.
The Malawa would take longer because no color strain exists yet (to my knowledge.)