from what ive seen colors have the same names as for your companion and i saw at least 6-7 different blue tones (for example) so i suppose you can get the exact same colors. You always get the color from one of your parents, so to get your favourite color you have to get lucky and get it from a covering. Also, after breeding for at least 15 times i ALWAYS got the color from the cover, never from my retired chocobo. Maybe its because i usually use higher pedigree covers and you always get the color from the higher pedigree parent? It could be random too.. no idea.