Sure lot's of people do color. Kodak still sells 10" color - portra 160 nc.
The 8" size is a great deal easier to handle. I started with an 8" camera, and find it a cinch compared to the 16". My #8 gets band free photos without too much effort. If you want to do color, get a #10, and buy film while kodak still makes it. Or figure out a way to cut down the 10" film.
Jamie