How about using another Hidden input field that is bound to
the value you select and looks up its value as you select 1, 2, or
3.
<cfselect name="select_color">
<option value="1 Red">1 Red</option>
...
...
</cfselect>
<cfinput type="hidden" name="hidden_color"
bind="cfc:cfc_filename.method_name({select_color})" />
Your method in your CFC would have to return the query value
of Red if select_color was selected as 1 Red, then you could use
the document.formName.hidden_color.value in your javascript.