Color label and Pick flag label naming

[Henkka]

Currently Pick Flags have descriptive names
- No Pick
- Rejected Item
- Pending Item
- Accepted Item.

Colors have no descriptive names but
- Red, Orange, Yellow...

How can I modify Text "Green" to something descriptive, say "to be added to photobook"?

Someone may say that one just have to remember what one means with Red.
But then, for consistency, Pick flags should also be named as 'Orange Flag' and 'Red Flag'.

Yes, I can do that with Tags but I would like to have colors for workflow actions