I am wondering how this works at parsing if the table name, or one of the columns includes a colon character :)
The proposed patch will handle quoted identifiers. E.g. the following will work just fine:
pg_dump --where 'table:"column:with:colons" = 5'
Note the use of single quotes in the shell, and then double quotes in the WHERE clause. There are also many other options for quoting in the shell, of course.