I, too, participated in Frizzymama's color swap and it was a beautiful array of fabrics.
I was also thinking that if we didn't want to do full on color swap, we could somehow make it the twist? Maybe 10 fabrics per twist, 2 each of 5 different colors? It wouldn't be quite as organized as Frizzymama's and you might get a few more of one color group than another, especially if people get to pick their 5 colors. But it would still give variety. Just thinking out loud.