You CAN show a nonrecognized color variety or breed that isn't in acceptance yet. But here's the catch. That bird will only be able to win the highest award of Best of Variety (BV), or Best of Breed (BB) in some cases whatever variety or breed it is in the making, in the class they are placed in, which for bantam cochins would be Featherleg. They cannot go beyond that level (win their class or beyond) because they are not yet recognized. They are usually shown under AOV, meaning Any Other Variety, aka those not recognized yet by ABA or APA. A few examples of this happening would be Seramas shown in the SCCL class while awaiting their acceptance debut, or BLRW bantams, also a color in the making awaiting acceptance. I've shown both. With a new breed in the making, calling it show quality is highly, what's the word I'm looking for... subjective I guess? If your bird is an excellent representation of the standard for their breed, then I would agree. The color may still be needing perfection, and that too also comes into consideration when calling a non-recognized bird a show quality specimen.
Showing can be a lot of fun, a great learning tool, a good way to gauge how your birds compare to others for the day, and a nice way to connect with others in the hobby. You won't get rich showing birds, because those who do it seriously have some serious quality birds. Lots of time, effort, culling and preparation go into making just that one Champion quality show bird.
I suggest you attend a few shows in your area, get a feel for a poultry show, connect with some people who have a breed you're interested in. And as was mentioned, do your research and study the standard for your chosen breed. And I agree that you should start out with a solid colored bird in your chosen breed because the color patterned varieties can be hard to manipulate in some cases, and a good bird can be ruined by a bad example of a color variety gone wrong.