Indeed, that is very nice. However, I think the reason ALT+K displays the first number of colours is because they are the default control code colours...I'm not certain but it's all probably to be in compliance with some RFC.
Personally, I think this is a nice idea and would be easier for people to choose more "Advanced" colours, and if they want even more, the colour wheel is still there.
My 2 cents.
Regards,
