Changing armor color has been brought up many times over the past couple of years (and probably before that), but it most likely won't happen (it's that whole sandbox thing). I'm all for it though. The technicolor armor isn't cool, or retro, or whatever justification one could come up with. It's just goofy.
I can understand not being able to change certain dropped armors or something (due to powerful enchantments or some such), but it'd be nice if player-made stuff could be colored. It'll still preserve the "lore" of items, but manufactured armor could be changed around to match up with pieces of dropped armor so people don't look like clowns.
EDIT: I will say this - if it's not easily enabled within the game though, it's not worth pouring a lot of resources into getting it to work. Maybe it's just another table that's currently empty in the player inventory fields of the database (currentcolor or something), but I don't know. As the client is a late enough version that it has the means to support color changes, it may be possible.