Color Coding of Tasks#708

I would love to color code each task in some sort of drop-down color organization for the task themselves. Some might use it as a priority, others might choose a task type, others might color code by a responsible person, etc. Basically, this drop-down list could be created in preferences, they could name the list as they want and color code each item. Then when creating a task they would just select the drop-down to assign and it would assign the related color to the task.