I hope that if this is considered for implementation (which I support), the team will try to make the solution a bit more general, or at least build it in such a way that it can be extended in the future more aspects of the UI can be controlled by data in databases. Here is what I was thinking:
I also hope that if we are going to have more dynamic colour coding, that ‘colour’ is also added as a field type with formula functions that could help you manipulate it (it is one of the things that Power Apps implement and is really useful). I think the UI for colour selection and even a colour field type already exists in fibery. It would just require it to become available to users. See also: