I color code my folders when I have completed the work in them prior to moving photos to their permanent home. If I add files to a completed folder before it is moved, I change the color to reflect that there are unfinished files within. Is there anyway that I can create a metadata template or script to speed up the color coding process? I know have to turn on color coding and then choose the color. I only use two different colors. Thanks in advance for any help.
No, there is no such feature.
Metadata Templates modify metadata in files. They cannot change the color IMatch uses to represent folders.
Not sure how many folders you have to process per day (dozens? hundreds?) but, frankly, I have never considered this to be a problem...
Setting a color requires just a few mouse clicks:
1. Double-click into "Color-Coding" in the Properties panel
2. Write or select a color. Just writing the hex color code is probably quicker for you when you use only two colors and you can remember the two values?