I think most people realize this, but just to be really clear:

The ColorDMD doesn't affect your ROM, at all. Doesn't matter what version you have, it won't break anything, or change your game, or take away your Deadworld working, or anything else. It's just a new display, you don't change your ROM when you install it.

The absolute worst case scenario is you have a ROM version that has some bit that isn't in the L7 version, and so you might see some small bit of text or something that's just the solid default color (orange or white or whatever). I don't know that the Deadworld mod version even has that.

And if there really is some missing thing that people need colorized they can update a patch to fix it.

tl;dr - If you have the Deadworld mod you can still get your game in color safely.

Yes, bonus funky dancing scene at the end. Sorry Randy, Chris wins.