Yes but my "On" effect isn't currently tied into the Palettes. I wasn't sure how to handle it since it really only made sense for 1 color to be active at a time so what if someone checked more than 1 of the boxes. I'll have to discuss this with the other developers for version 4.
I have another effect in mind that requires 4 colors so I'm trying to figure out how to design that one. I guess I could automatically check 4 colors for this effect and prevent them from changing if that's possible. But I also wanted it to be obvious what each color mapped to because it will be a head start color, head end color, tail start color, and tail end color and with the current palette scheme I would probably have to lock in the head start color to be palette entry 1 and so forth.