Under the "timed" area, I would like to see the ability to have a colour fade in and out continuously, preferably with a slider to adjust the timing of the fade in / fade out, so on low it'd only do a single pulse of colour and at its highest it would flash in and out really quickly. You have the ability for a colour to fade out, but this only happens once and only fades out, not in (which would also be a good idea to add, but that's another story).
There are many possible uses for this kind of thing, such as a "low health" indicator in something like a shmup, where your ship continuously pulses with red.