I was wondering what the proper range setting was for the Live Gamer BOLT in OBS Studio. I noticed that the colors are washed out

Please ensure your setting in the application software which is corresponding to the input sources. If you capture the full in color range and RGB with the color format, please ensure to select the same options (Full in Color range and RGB in Color Format) under the Video Capture Device (Live Gamer BOLT) in OBS Studio. Please see below illustrations:
 
Input source (PC)
 

 
 
Setting in OBS Studio