It would be a nice addition to color waystones. Acting the same as a sharestone but needs to be activated first.
If you have a server with to many players they can not make a seperated list between their own base and maybe a friends base. Or shared waystones between a group.

Allowing to color your waystones would solve this issue.

This use case sounds like it would be solved better through the UI overhaul #759.

Colors are reserved for the sharestone networks, and especially with Colored Portstones targeting Sharestones coming soon, allowing regular waystones to be colored would reintroduce the ambiguity of waystones and sharestones that #814 is trying to remove.

Perhaps this could be done with coloured Terracotta?