Spats, Spectators, Black & White Tie

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I think you're right. My vague understanding was that the white panels on a spectator / correspondent mimiced the contrasting colour cloth of the spat, so those shoes were an evolution of the footwear in that sense, which came in in the 30s. I could very well be wrong, though!

No I think you are right there.

This commentary appeared on the med-usf eBay site FYI:

The history of the two-tone shoe, the Spectator or Co-respondent shoe, derives from the late 1800s, when gentleman wore protective spats or gaiters over their shoes. The theory is that the look of light coloured spats against dark coloured shoes became incorporated into the shoe itself. The Duke of Windsor, perhaps the greatest trendsetter of men’s styles of the Twentieth Century, wore spectators while golfing and the privileged classes on both sides of the Atlantic quickly took up this innovation. A tip for the boulevardier; the spikes on golf shoes are easily removed for street use! Fred Astaire, another great and famous fashion plate added glamour to the Spectator in a series of films, and no sub-culture was more a clientele of the Spectator than the dandified gangster culture of the ’30s. In any case, the Spectator enjoyed wide popularity in the 1920’s and 1930’s, which only dwindled in the 1950’s. Today, the Spectator enjoys renewed popularity in the wardrobe of the affluent, well-dressed man and every important modern shoemaker, Lobb, Green, Church’s, Crockett, Alden, Allen Edmonds, not to mention the great lamented by-gone firms, presents at least one Spectator shoe in its repertoire.