Hi all,
I just wanted to shed some light on the present scenario:
+ Snippet to update the color changes is up and running. [ It has to be hooked to "released" signal of RecolorWheelNode ]
+ Handling removal of objects: This is the problem area right now.

My mentor replied this morning (my time) with an approach to handle removing objects. I am going to try working with that. If this goes downhill, I'll try Sebastian idea. Either way, I plan to stick around and am determined to finish what I intended when starting with GSoC. I will gladly be an active contributor till my school-work is not intimidating and I am mostly free till February (March-April see the final submissions and exams). 

Regards,