I did this recently, if you go to the track menu, and set the track colour's, the item waveforms are automatically coloured to match the track panel colour, if you want to change them again, you have to click on the item as mention previously here. WB.
I hate having to use lots of rt clk's and sub menu browsing to set colors for tracks and for items since I do a lot of that. Here is my toolbar #5 that does it for me. The left side is for Tracks the right side is for Items. Includes a couple scripts for special stuff but the basics make it fast and easy to set colors. Used along with the SWS ext. for colors and my own palate of colors but the custom color color wheel is there also for other colors.
this reminds me! i only have black as a choice when I go to color something... anyone seen that? I should add I'm just still using the standard view, no customized workspace or anything...
I have made several colour templates, which saves time, and I have a set of colour's that I always use for certain things, easy to see on the timeline and saves time having to keep looking back at the track panel in complicated mixes. Also, I always have reverb buses blue, delays yellow etc,so you can always see what effects are being used, before I started to do this I was always making adjustments to the wrong items ! which is easy to do if you have say 40 tracks to deal with ! :( :( ARP.