Roles that allow Role Colour Customisation

Ever been in a discord server that has a ton of roles made just so that people can have the colour they want on their name? It can easily get out of hand, even in a relatively small server.

So here's my idea. Make a new feature that can be assigned to roles that allow people with that role to choose what colour they want, with the option for this to be restricted to either default 

Now yes I can see a problem where people may try to pretend to be mods by changing their colour to that of a moderator. Pretty easy fix imo, and I actually have three ideas.

1. Restrict certain colours. For example, people can't choose the yellow colour cause that's the mod's colour (only when restricted to default colours)
2. If a moderator disapproves of a colour choice, the user in question loses this privilege.
3. Color changes must be approved by a moderator (togglable)

Maybe I'm overcomplicating this idea, but yeah I just think the option to let certain roles choose the colour of their name would be nice.