I guess you could create a general property for elements with an option set for color code. Depending on that properties you can then generate graphic override rules for each given option, e.g. for the option "green" you'd select a green color surface override, for "red" a red surface override and so on.
Then you just have to join every color override rule into a graphic override combination.
I haven't tried this before, but it should work.
If you have all materials set in element properties, then you could assign graphic override rules for different materials and join those the same way as above into a graphic override combination.
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