Hi @AJ Toews
full card colors is pretty new (and awesome) - you don't pick it over labels but by choosing cover (see full blog article here https://blog.trello.com/card-covers-and-colors)
According to your label color question - there are only 10 different colors available. You are free to add as many different names to similar colors (for example to no color-label) which gives you unlimited labels. But no color picker available. Sorry!
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