The "Configure options for" a predefined list custom field forces the user to click on "edit" to go a separate screen to do either name change or color change. These two can be accomplished easily on the original field edict screen list as well without a new screen to manage them. You already have the functions to "Hide" and "Delete" on the Choices sub-screen, why not simply add the color option and basically you have everything you need without having to navigate so many more screens.