It would be awesome if the “Event Type” selection also formatted the event. So I could set the default color, text, image, etc. for each type of event and when I set up a new event I could choose the type and, voila!, the event is formatted correctly. 
Sounds great, thanks for the idea!
We’ll have it in mind and see for more votes from the community
It would be great to be able to set a colour palette to choose from for the main calendar events (not the text) when using custom colours for events, and for a chosen colour to be selected automatically if you set it for Event Type.
Hi there, @user34615 
Thank you so much for the feedback!
Just to clear things up:
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You’d like to associate each event type with a specific color
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After assigning an event type, its color should be applied to the event
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With the current Custom Event Color option you have to manually set color for each events individually and this feature would automate this process
Is everything correct?
Yes, currently you need to enter the custom colour code each time, it would be great to be able to save the colours you enter so the next time you can select from a saved colour palette instead of inputting the colour code again. Additionally, if you associate a colour with an event type, for it to automatically select that colour whenever a new event of that type is made. Thank you!
Got it, thanks!
We already have a similar idea on the Wishlist and I’ve merged your comment with it. If this request gains more votes, it might be considered in the future 