Is there a way to create a drop down to select different color options for a say the BG of a Label and or Widget?

I use DD to show different BG on the same area. There is many different way to do that.
Do different widget or sbwidget and do a hide/show with DD
Do a dynamic BG of your widget or subwidget and do a script return the item selected in DD to refer the picture to put in BG like 1.jpg 2.jpg ....

I not test that, but I think you can use a INPUT label and a script to direct use OVERRIDE color.