ColoFolX is a compact icon tool specialized in coloring folders: just drop one or more folders to a color cell on the main panel. You can also use the app as a Finder service in 3 steps: right-click (ctrl-click) a folder in the Finder, select "ColoFolX" in the contextual menu, and click a color cell on the ColoFolX main panel. Certainly, cell-editing is possible: modify color, add, remove, resize and reorder. You can also set folder icons in the cells to attach them as they are. Further, if color cells are linked to Finder tags, the tags are added together on applying ColoFolX.
Mac OS X 10.10
Mac OS X 10.9