I just updated and refactored this component. Previously it came with eight fixed color styles. Now you can create as many styles as you like, right in the theme settings UI 
Read the updated component description
Updating an existing installation
Your existing configuration should be migrated automatically: tags you had assigned to the old color styles become equivalent styles with the same colors as before.
One thing to check before updating: if any of the old settings still reference tags that no longer exist on your site, remove those first. Stale tag names will cause the update to fail.
This new version requires Discourse 3.3.0 or later. Older sites will stay on the previous version of the component.