Working on color wheel i hope it looks good.

import flash.display.Sprite;
import flash.text.TextField;
import flash.text.TextFieldAutoSize;
import flash.text.TextFormat;

var labelText:String = 'This is brown fox';

function TextFieldExample() {
 configureLabel(numberText1, -400);
 configureLabel(numberText2, -300);
 configureLabel(numberText3, -200);
 configureLabel(numberText4, -100);
 configureLabel(numberText5, 100);
 configureLabel(numberText6, 200);
 configureLabel(numberText7, 300);
 configureLabel(numberText8, 400);
 configureLabel(numberText9, -100);
}

var _arial_str:String;
var myFont:Font = new Font1();
function configureLabel(targ, shrp:Number):void {
 targ.footer_number.autoSize = TextFieldAutoSize.LEFT;
 targ.footer_number.background = false;
 targ.footer_number.border = false;
 targ.footer_number.sharpness = shrp;

 var format:TextFormat = new TextFormat();
 format.font = myFont.fontName;
 format.color = 0xFFFFFF;
 format.size = 30;
 targ.footer_number.defaultTextFormat = format;
 targ.footer_number.text = labelText;
 targ.sharpnessValue.text = 'Sharpness ' + String(shrp);
}
TextFieldExample();
sslider.addEventListener(Event.CHANGE, on_sliderChange);
function on_sliderChange(e:Event){
 configureLabel(numberText9, sslider.value);
}

import fl.controls.TextArea;

var tF:TextFormat = new TextFormat();
tF.color = 0x0000FF;
tF.italic = true;
tF.bold = true;
tF.font = "Monotype Corsiva";
tF.size = 15;

var tI:TextArea = new TextArea();
tI.setStyle("textFormat", tF);
addChild(tI);

Code Snippet that will be used to convert color codes from RGB to Hex and Hex to RGB

function HEX2RGB ( HEX:Number ) {
 var RGB:Object = {
 r:Number = (HEX & 0xff0000) >> 16,
 g:Number = (HEX & 0x00ff00) >> 8,
 b:Number = HEX & 0x0000ff }
 return RGB;
}

function RGB2HEX ( RGB:Object ) {
 return (RGB.r << 16) + (RGB.g << 8 ) + RGB.b;
}