Yeah, it does look cool, and it's fitting. And as for the color meanings:
Red: Honoring a Father
Grey(or Gray, whichever): Mourning a Lost Love
Green: Duty
Gold: Vengeance
Blue: Reliability
Orange: Shereshoy- "lust for life and much more - uniquely Mandalorian word, meaning the enjoyment of each day and the determination to seek and grab every possible experience, as well as surviving to see the next day - hanging onto life and relishing it. An understandable state of mind/ emotion for a warrior people. Closely related to the words for live, hunt and stay safe - and, of course "oya". All from the same root"
And I've heard Tan: Family