If combined with damage values, this is very possible. There should be a separate file filled with the textures for each possibility.
I'm a texture pack creator, and something like this really opens up more windows of creativity.
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I am the bone of my sword
Steel is my body, and fire is my blood
I have created over a thousand blades
Unknown to death, Nor known to life
Have withstood pain to create many weapons
Yet, those hands will never hold anything
So as I pray, Unlimited Blade Works
I like it. As CaduceusGUILT said, I am currently trying to make my first texture pack, and I would thing it would be cool to have different beds. I would put like a mob's face on it for every different color :smile.gif: