Wool Texture for more options.

Changing the wool texture to how the grass texture works by making a grayscale wool texture, depending on the sheep shearing, will give the colored cool with a color overlay on top of the texture. This would make shearing jeb_ rainbow wool, and to know the color, you can add the color in the lore of the item. This would also help you to make wool with different colors with commands or different dyes. I'm not sure how placing the thing would work as the grass texture uses biomes.