You know people 'round here have all kinds of FR. Half of 'em are "Wha?" and the other half are "Sure, why not?" (Most of my FR are one or the other.) And a very few are, "You know, that's a really smart idea."
This, my friends, is one of those rare ideas.
There's all kinds of ways to implement it. Tracks in folders get custom colors. But, yes, this does seem most desirable.