@mike, well this is actually possible right now.
With Kilowhat you can set up to 8 different configuration banks, and you can set color and MIDI channel to a whole bank.
After you set this for a whole bank, you can then individually modify the color per component, setting either hex values in #RRGGBB format for any component with feedback, or setting the color for each velocity/value range for encoder switches and rubber buttons.
The color range feature is intended for a button or an encoder switch to change colour inside the same bank, depending on the range of the velocity/value of the NOTE or CC message received.
Please let me know if you still have doubts about this