Incorporating color into drywall patching compound is indeed possible and can offer a more customized finish to your wall repairs. By adding pigments or tints, homeowners can achieve a near-perfect color match to blend the repaired area seamlessly with the surrounding wall. However, it is important to consider the consistency, workability, drying time, shrinkage, and long-term color stability when using colored patching compounds. By doing so, DIY enthusiasts can achieve professional-looking results for their drywall repair projects.