I would love one, too. I'd love to recreate Florida's orange jersey, but still use the current stylings.
So, is this on your "official" wishlist, OMT? I ask this realizing that your wishlist is just that, a wishlist; but calling it "official" in my mind makes it an idea being considered by the Tiburon development team (or at least, part of it).
Madden used to have a feature like this (I haven't played Madden since it's 2005 iteration, so I don't know if current versions still have one), but you couldn't put the team logos on your creations. I used to create a pewter jersey for the Bucs to go along with their standard red and white.
If this could be done in NCAA where you could create an option using another of the school colors, as earlier described, yet keep the logos on it (this is where the NCAA and CLC might object), it might be one of the best new features. Then, implement a way where you could share your creations through EASports World or something.
Combine this with the ability to select individual assests (helmet, jersey, pant combos)...