Display a project item's label color for all instances

I think it would be great if this was an option in the Project Settings, similar to how it worked in Premiere.

I find myself color-coding project items quite often, but if you have already used them throughout multiple comps in your project, then it can become hard to keep the label colors consistent.

Having an option like this would make organization much more flexible.

It already works for the item's name, so why not the label color as well?