Regarding Colouring.
I have been extremely busy at work(real job lol) so not looked into this since i last posted about it (so my information is a few months out of date and stuff might have happened since?)
There are a few ways to colour the games.
1) simply select a rgb hue for the shades (4/16 shade supported)
2) select a rgb colour for each shade (support on 4 shade)
3) cycle between different hues (supported 4/16 shades)
4) select rgb colour for each shade per recognized(static) frame (not supported)
5) select rgb colour per pixel (basically colour the frame how you want) recognized(static) frame (not supported)
My first intention was to use the colour scheme pin2dmd uses but having a quick play with the editor i wasent to keen on it and rather make my own, and have it exactly how i want it. Also the pin2dmd editor sends the pallet/frame data directly to the pin2dmd hardware so impossible to save it out to convert for other projects (this might of changed now?) At the time i was playing with it the editor only supported pallet swapping i think? I couldn't really work out what was going on lol.
Any way I have two choices find a way to export the files from pin2dmd editor and convert to something pinDMD can use (so people can use the files pin2dmd users are making) Or make my own editor and pinDMD users will have to create the files there self.
Basically I need to have another look and see what pin2dmd is upto see how advance that editor is. See what it supports / has it got more intuitive? / easy to use. Then look into getting the data and converting to something pinDMD can use. OR if not much has changed just create my own editor to colour dmd frames (pre recorded from pinMame / any other source of dmd frames) and enable people to pallet swap or colour the frames manually (pixel by pixel or using some sort of basic drawing tools)
I have had a slight change of heart on making it pinDMD only though. If I was going to convert pin2dmd data for pinDMD it is only fair to have pinDMD data convert to pin2dmd so every one can swap files about and share all coloured dmd frames.
Ill look into it all shortly 
Also colorDMD is NOT supported their roms are totally different and only work with the colorDMD hardware (I dont think they are even roms? just files used by the sigma hardware on sd or usb or something???) any way none of this data can be used here!!!!!