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-Monsters-
Color Sprite Blue – lvl 3 water/fairy 1000 atk, 1000 def
Once per turn while this monster is on your side of the field, you may increase a player’s life points by 1000. When you use this effect, this card's attack and defense become 0 until your next Standby phase.

Color Sprite Yellow – lvl 2 light/fairy/tuner 200 atk, 100 def
When tuning this monster with non-fusion monsters, this monsters level is increased by 1.

Color Sprite Red - lvl 4 fire/fairy/normal 800 atk, 1500 def
Red Sprites enjoy the company of their other Color Sprite friends, but also have a strong tendancy towards pratical jokes and mischief.

Color Sprite Indigo - lvl 3 dark/fairy 700 atk, 700 def
By paying 2000 life points, send one monster in your extra deck to the grave or return one Basic Sprite from play and add it to your deck. This effect may be used once per turn.

Color Sprite Magenta – lvl 5 fire/fairy 1000 atk, 2000 def
When you control another Color Sprite you can summon this monster without a sacrifice, but its attack and defense are halved. While this monster is on the field your opponent takes 500 points of damage during each of your end phases.

Color Guardian Purple – lvl 8 dark/fairy 1500 attack, 2100 defense
This monster can only be summoned by sending "Color Sprite Blue" and "Color Sprite Red" from your side of the field to the graveyard. If this monster does not attack this turn, you can inflict damage to your opponent equal to this monster’s attack and increase your life points equal to its defense.

Color Guardian Green – lvl 6 wind/fairy/synchro 2000atk, 1500 def
Color Sprite Yellow + Color Sprite Blue
If this monster’s attack is higher then the defense of the monster it attacks, your opponent receives damage equal to the difference.

Color Guardian Orange - lvl 7 fire/fairy/synchro 2500 atk, 500 def
Color Sprite Yellow + Color Spritee Red
If this destroys an opponent's monster by battle deal damage to your opponent's life points equal to the attack of this card and damage to your life points equal to the defense of this card.

Color Desimator Black – lvl 10 dark/fiend/synchro 3500 atk, 3000 def
1 tuner + 1 or more non-tuners
When this monster destroys a monster it can destroy another monster that is facedown or has a lower defense then the destroyed monster’s attack. If this monster’s attack is higher then the defense of the monster it attacks, your opponent receives damage equal to the difference. You are allowed only one Color Desimator Black in your extra deck.

Color Creator White - lvl 10 light/Fairy/fusion 4000 atk, 2500 def
Color Sprite Blue + Color Sprite Red + Color Guardian Green
Once per turn you can return 1 Color monster from your graveyard to your deck or from removed from play back to the grave. The turn that you use this effect, Color Creator White may not attack. When an opponent's monster declares an attack, switch the attack to this monster. You are allowed only one Color Creator White in your extra deck.

Color Mediator Grey - lvl 10 dark/fairy 4000 atk, 3000 def. This monster can only be special summoned by sending a Color Creator White and a Color Desimator Black from the field to the graveyard. By removing Color Desimator Black from the grave, negate the effects of all trap cards this turn, including the ones in play. By removing Color Creator White from the grave for three turns negate the effects of all spell cards this turn, including the ones in play.

Color Sprite Rainbow
Light/Fairy - Lvl 10/ ???? atk / 3000 def
This monster can not be normal summoned or flip summoned. This monster can only be special summoned when 4 different Color Sprite monster (red, yellow, blue, indigo) and 3 different Color Sprite Guardian (orange, green, purple) monsters are in your graveyard. When you special summon this monster, remove all Color monsters in your grave from play. This monsters attack is equal to the number of Color monsters removed from play x 600. You can tribute this monster to return all removed from play Color monsters to your deck and draw 7 cards, discarding all monsters you drew to the graveyard.

(Thank you Jevan)
Color Sprite Painter
LIGHT/Fairy - Tuner/2/100/1000
When this card is destroyed by battle and sent to the Graveyard, you can Special Summon 1 "Color Sprite" monster with 1000 or less ATK from your Deck in face-up Defence Position. Once per turn, you can remove from play 1 "Color Sprite" monster in your Graveyard. Until the End Phase, this card's name is treated as that monster's name.

-Spells-
Color Recombination - Remove from play two "Color" monsters in your graveyard. Special summon an appropriate monster from your extra deck.

Painter's Pallete - equip - pay 2000 life points. Remove from your deck and/or hand monsters appropriate to fusion summon a "Color" monster. Special summon the monster and equip it with this card. When this card is destroyed remove the equipped monster from play and return the monsters used to summon this monster back to the graveyard. When the monster is destroyed and sent to the graveyard, destroy this card.

Desimated Artwork - Send 5 monsters from your extra deck to the graveyard and remove 1 Color Desimator Black from your graveyard to inflict damage to your opponent equal to Color Destimator Black's attack.

Fresh Start - Pay 1000 life points. Return all "Color Sprite" monsters in your graveyard to the deck.

Color Exchange - Remove from play one Color monster on the field and replace it with a Color monster from your deck or graveyard.

Inspiration - quick play - You may activate this card when you take battle damage. Add one color monster from your deck to your hand.

-Traps-
Color Explosion - sacrafice 1 Color monster on your side of the field. Deal damage to you and your opponent equal to the sacraficed monster's attack.

Color Shield - Send one Color monster from your hand to the grave to increase the attack of a Color Sprite on your side of the field by the attack of the discarded monster.

Clean up - counter - if a Color monster on your side of the field would be destroyed by the effect of a card controlled by your opponent return all Color monsters on the field to the owner's deck.

Cool, can I make a suggestion?

Color Sprite Painter
LIGHT/Fairy - Tuner/2/100/1000
When this card is destroyed by battle and sent to the Graveyard, you can Special Summon 1 "Color Sprite" monster with 1000 or less ATK from your Deck in face-up Defence Position. Once per turn, you can remove from play 1 "Color Sprite" monster in your Graveyard. Until the End Phase, this card's name is treated as that monster's name.

Color Sprite Rainbow
No idea what it will be, just want there to be one.

I think you're trying a little too hard. They're not as good as your original set.

Though I love Explosive Printer.

Added a tenative description of Color Sprite Red and how about this card, cause most of the monsters only do damage to your own life points.

Finger Painting
normal spell
Gain 300 life points for every "Color" monster in your graveyard.