I feel like the biggest problem with this is something that's already been pointed out, having more than one slot colored the same color. Seems like all the suggestions for this would still make it impossible to tell what part of your armor was, say, cloth or leather, if you had black on both.
Opening the toolset and toying with the colors on your outfit, then applying those ig is a pretty easy and simple way to go about it Leather 1 in the toolset is leather 1 on the dye and so forth. It gives you a visual of what you're going to end up with as well. It's seriously easy.