While it would be cool to have item swatches by parts, it would take a complete overhaul of the item mapping to do it, not to mention having some way to select the different swatches separately. It's a major undertaking. Not saying it can't be done, but it would require a lot of work and would doubtless break tons of cc as well.
Regarding the color wheel, I get why people like it, but a color under a grayscale texture is never going to look as good as a full color texture, and tiling textures are always going to fall short when compared to the detail possibilities of hand painted textures. So, imo, Swatches are always going to look better in the long run, because they allow for those sort of details.
As for the original idea of a kit of only swatches... I'm going to have to be in the "No" camp. I like the idea of kits, and I wouldn't mind BB or CAS kits that were just 20-25 (or more) items in roughly the same category (clutter for a specific room/style, sleepwear, beds, curtains, jewelry, makeup etc.) as opposed to a bunch of different kinds of items on a theme, but a bunch of swatches for base game items as a kit - which a lot of people view as just money grabs or even just "overpriced" - would be a big time no-go from me. I don't know that I'd be actively mad about it, but I would actively see it as a waste of resources for the Kits team, and certainly would never get it out of principle.