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this may not exactly be what you're asking for, but I thought might be interesting regardless:
If you're open to solutions from the Atlassian Marketplace, you can achieve something similar in the app that my team is working on, JXL for Jira.
JXL is a full-fledged spreadsheet/table view for your issues that allows viewing, inline-editing, sorting and filtering by all your issue fields, much like you'd do in e.g. Excel or Google Sheets. It also comes with a number of advanced features, including conditional formatting.
With conditional formatting, you can colour your issue - either the entire row, or single fields/cells - depending on wether certain conditions are fulfilled. With this, you can easily model a coloured dropdown field, like so:
It's worth noting that this colouring is only visible in JXL - e.g. you won't see it in the issue details, or other Jira views. This being said, you should be able to do most if not all of your issue work within JXL.
Hope this is helpful,