Automating changing folder color

[noisneil]

You could save a bunch of coloured folder icons and have a read of this:

How To Set a Folder Icon?

You're welcome! And if you click the purple folder icon you can indeed browse to and select the folder/file you want. If you hold ⌥ while clicking the folder icon, it will open that location in Finder (assuming there's a path in the text field).