Thanks for the new feature, it will be helpful. I have to say, though, that the colors aren’t great for someone with red-green colorblindness.
The green and yellow colors are the worst culprits for me, and I have to strain to tell them apart. The blue and purple are okay, but they’re on the edge of being difficult to discern.
By the way, I think it would be helpful if I could rename each color in the same way I can rename the colored tags in Finder.