I'm just making something similar and here is what i did:
1- Create a view with color and title fields.
2- Create a custom "views-view-fields.tpl" for that view. (A custom template only for the color field, showed me an error)
field->content line add/replace what you need....
<h2 style="color: #<?php print $field->content; ?>">
/ / / / From now on, i didn't test it, but it should work fine / / / /
4- Exclude the title field and show it on the header/group
5- Create a custom "views-view-unformatted.tpl" for that view.
6- In this view we add
<?php print $title; ?></h2> after
<?php print $row; ?>. (we add the title and close the H tag open in the first template)
You can simply use views PHP to print all the thing you need and style won't be filtered.