Is there any possibilities of set custom color variable with name or color preview?

We created custom color list in template meta and its set to multiple elements on landing page. We are getting like attached image. Question is,
1. Is it possible to set color name. For example "White" instead of "#ffffff" , "Black" instead of "#000000"?
2. Is it possible to set color preview like color visual image instead of hex code "#000000"?