Apply color labels to selected Finder items; Ideal for assigning to hotkeys via a Launcher app such as "Keyboard Maestro", "Butler", or "Alfred".

Finder-ApplyColorLabelToSelectedItems.applescript

-- Finder-ApplyColorLabelToSelectedItems
-- ©2011 Ian Kirkland, M.Ed, Kirkland Professional Studios
(*
I like to use Finder labels in conjunction with smart folders that point to files and/or folders of a specific label color. That way, I can use red labels for "urgent" to-do items, orange labels for "standard to-do", etc. This script allows a much quicker way of applying color labels.

                    LEGEND
-------------------------------------------------
Keystroke  |   Appearance    |   Label Index
-------------------------------------------------
key "0"    =    No color     =    0
key "1"    =    Orange       =    1
key "2"    =    Red          =    2
key "3"    =    Yellow       =    3
key "4"    =    Blue         =    4
key "5"    =    Purple       =    5
key "6"    =    Green        =    6
key "7"    =    Grey         =    7

• Keystroke:  This denotes the number key I assign to each color. You may prefer to do it differently, but the order of colors in the rainbow is pretty hard to forget. like to assign hotkeys such as [ cmd + alt + <number> ]. But, again, do it however you want to.  
• Appearance:  The color label you'll end up with.  
• Label Index:  The scripts way of referring to a given label.  
*)

tell application "Finder"
	activate
	set selected to selection
	-- apply green label (label index 6 as shown in legend above)
	-- to use a different color simply substitute the "6" shown below with the label Index number of the color you want
	set myColor to 6
	repeat with n_file in every item in selected
		set label index of n_file to myColor
	end repeat
end tell