That said, mIRC will "loop" the colors up to 99. 16 is 0, 17 is 1, 18 is 2, etc.
So, you could create a client with more colors, but you'd have to remember that those will be "translated" into whatever color the mIRC user has for the looped number. If you were to try that method, I'd recommend having the colors be shades of the looped color. Example: Color 3 in mIRC is dark green. If you want to have color 19 (this would be color 3 in mIRC) be another color, I'd recommend that you keep it a shade of dark green. That way, it will at least look similar to what you intended rather than completely different.