For steel items in drawings I use the MT defaults to control the line colours used. However, when dealing with existing steel or timber etc where I need to show it on my General Arrangement drawings but less vivid than the steel, I use VisibleModelColour in my drawing style so that whatever colour I make it in the model is what gets used in the drawing.
This gives good, easy to read drawings where the important stuff stands out from the existing steel, timber etc.
Mostly this works well, but sometimes AS does not behave as expected and does not use the model colour.
When you go to change the objects colour in the drawing, the default drop down list only contains the basic colours and occasionally (seemingly random) it may contain other colours used in the view but not always.
If you choose "select" to pick more colours, again not all ACAD colours are available in the palette and if you go to Define Custom Colours, you have to enter the RGB values.
...so I normally have to resort to a colour chart to see what the RGB values are for a particular AutoCAD colour:
...but that does not always work!
See screen cast.
Please just give us a colour dialog the same as in the modelling environment with all standard AutoCAD colours and a field to type in the AutoCAD colour number.
At present it is painful to try and do what should be very simple.