Yes. I even used acrylic paints to make my own 4-tier color wheel, and really learned a lot about color in the process. I started with primary and secondary colors in the first tier. Then tertiary colors in the second tier. Then black and white mixed in for the third tier. Then instead of mixing in grey, I mixed in brown for the fourth tier.
Another secret about selecting fabrics is to use fabrics and colors that are already put together in a fabric line. It's kind of cheating, but that's how we put most kits together at a quilt shop.