Here's how I'd see coloring things on the fly in our beloved Reaper:
1) Open the colors window.
2) If you want, switch to one of predefined palettes (warm, cold, etc. Photoshop is your inspiration)
3) select any object (a track, a few items)
4) click a color to apply it to selection.
5) Edit menu: "select objects of the same color", "invert selection"
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