I don't like this idea because the cons outweigh the pros in my opinion.
The Pros:
1) Clans feel more "unique" by having an official color, which more than likely will have a few more dominated colors than others.
2) It could be a possible small TC sink if we charge for it
The Cons:
1) You have an obnoxious color wheel display all over your screen. The whole point of not allowing colors in tournaments is that it's annoying when you are cycling through text in cyans, red, whites, pinks, etc. Now you're putting the screen in a perpetual case of clusterfucking colors
2) If this changed your colors with in-game text (as in the chat), you'd effectively be color spamming every single post.
3) You'd be spending time and money developing this idea over another idea, and since I think it's not worth it to begin with, I don't want this suggestion to be taken over a far more useful one.