I think you are:
You can catch me and hold me but only for a while
Catch your breath after exercise, or hold your breath - but not for too long!
Tell someone I am bad and wipe out his smile
Telling someone they have bad breath is probably going to dampen their spirits...
I can be saved, I can be wasted
Save your breath - avoid saying something to which little attention will be paid... Or waste your breath and say it anyway.
I can be analyzed, I can be tested
Don't drink and drive guys! The breath tester/analyser will find you! (And it's a reprehensible thing to do, regardless)
I can be taken, rarely seen and can be heard
Take my breath away - it's so cold you can see my breath, here - listen.
I can be short, occasionally lost, sometimes drawn but never colored
Short of breath, or even breathless. Better draw another breath.