Wool and Stained Clay make good decorative blocks, howerever they add a whole lot of items only for two textures. If, instead, we had paint, we wouldn't need 32+ blocks for two textures, and have even more possibilities.
To craft a Paint Bucket, you need 1 Water Bucket, 1 Stick, 1 String, and 3 of the same Dye items. This would result in a [Dye] Paint Bucket. The sprite would appear as a bucket with paint and a paintbrush alongside it.
You would now be able to click on blocks to color them the color of your paint. Wool, Clay, Wood, Stone, Dirt- you can paint anything! How much paint you have left is shown as a durability bar, which lasts for 100 clicks. Once the bar runs out, the Paint Bucket becomes a normal Empty Bucket, which you would need to craft into another or different Paint Bucket. Mining a block drops it in its unpainted form.
Less items and more possibilities. Win-win, I think?