The first useful versions of this tool are out now.
I'm preparing a preset system from which taylored colour lists can be drawn, but right now it relies on generated colour lists.
These lists can be altered with upper and lower boundaries of saturation and luminosity. The number of swatches, their size vertically and horizontally, and the border thickness between them can be set in the script.
The script will colour whichever is selected, either Tracks or Items, and will indicate which is currently focused.
Gpunk_w, making pastel colours is quite easy.
Be sure to pick the dev version further down in the thread to get the readouts in the top right.
http://forum.cockos.com/showthread.php?t=156339