Field formatter's settings for field field_example_color_background

Would be nice we will add formatter's settings for field field_example_color_background for the color of text.

My implementation:
Form to select black, white or yellow colors when the user select field_example_color_background's formatter.

field_example_simple_text (No form formatter):

field_example_color_background (With form formatter):

Form:

Black Text:

White Text:

Yellow Text:

Please review.