Color Labels for Multi Track Audio and Imports

With the previous versions of Premiere, I could manually color code the video and audio colors to match. When I have 4 cameras recording at the same time, this makes my editing life a lot easier. I try to change the label color manually, but the timeline mocks me and stays the same green color. Does anyone have a work around? Adobe, want to bring that feature back next update?

Currently the program allows me to choose the default color to automatically apply label colors to video (iris) and photos/graphics (mango). Is there a feature to label: jpgs-green, tiffs-blue, mpg4-purple, text-orange, png- yellow.... pick your own colors. Just more defaults to set would be nice instead of having to color code as you drag something from a folder onto the timeline. Adobe, could you add that feature?