This work investigates, by means of analytical and simulation studies, the performance of spectrally-constrained image reconstruction in Continuous-Wave or Direct-Current (DC) and Frequency Domain (FD) near-infrared optical tomography. A recent analytic approach for estimating the accuracy of target recovery and the level of background artifact for optical tomography at single wavelength, based on the analysis of parametric reconstruction uncertainty level (PRUL), is extended to spectrally-constrained optical tomography. The analytical model is implemented to rank three sets of wavelengths that had been used as spectral prior in an independent experimental study. Subsequent simulation appraises the recovery of oxygenated hemoglobin (HbO), deoxygenated hemoglobin (Hb), water (H2O), scattering amplitude (A), and scattering power (b) using DC-only, DC-excluded FD, and DC-included FD, based on the three sets of wavelengths as the spectral prior. The simulation results support the analytic ranking of the performance of the three sets of spectral priors, and generally agree with the performance outcome of DC-only versus that of DC-excluded FD and DC-included FD. Specifically, this study indicate that: 1) the rank of overall quality of chromophore recovery is Hb, H2O, and HbO from the highest to lowest; and in the scattering part the A is always better recovered than b. This outcome does suggest that the DC-only information gives rise to unique solution to the image reconstruction routine under the given spectral prior. 2) DC-information is not-redundant in FD-reconstruction, as the artifact levels of DC-included FD reconstruction are always lower than those of DC-excluded FD. 3) The artifact level as represented by the noise-to-contrast-ratio is almost always the lowest in DC-only, leading to generally better resolution of multiple targets of identical contrasts over the background than in FD. However, the FD could outperform DC in the recovery of scattering properties including both A and b when the spectral prior is less optimal, implying the benefit of phase-information in scattering recovery in the context of spectrally-constrained optical tomography.