This isn’t a complete solution but give this video by Gregory John at Buildcamp a look:
HTML Chips & Tags
It’s something I’m interested in trying once I get the ability to pre-load chosen items (having a bit of trouble with the logic at the moment).
You might be able to create a datatype for your tags that includes a Foreground and Background color fields (and maybe even an icon) associated with each tag entry. Then use the solution G.John demonstrates to dynamically apply the colors to the tag. It’s just a guess but might be worth a try.