Update color selector; move "wrap colors" toggle under color selector

Found this project on /r/sideproject.

This pull request will do the following:
* When selecting a color palette the dropdown will get updated with the selected color palette name. Makes it easier to know what this current palette is.
* Moved the "Wrap Colors" toggle below the color palette form area. Longer color palette names made the whole area too tight and the input field for hex values got lost.