I found out about Project Spectrum the other day, and it sounds like a lot of fun. I don't think I would join a knitalong to knit a specific project (although I followed the Hallowig knitalong with great interest, and even made one) but this is just about noticing colours and doing something with certain colours. I think it will help with the small projects. If in March I have to do something red or pink, I'll knit up that pink 4-ply I have, and some squares for my blanket, as well as a more time-consuming project. In April, I'll finally get Arthur's orange socks done. The scary thing is that I can think of yarn from the stash for each month, without batting an eye. The project is not necessarily about knitting -- you can paint your bedroom pink if you like! (And it gives me an excuse to have coloured text in my blog, whoo hoo!)
March - Red and Pink -- 4-ply scarf and some squares
April - Orange and Yellow -- Arthur's orange socks, and some squares
May - Green -- Maya shawl or perhaps bag or perhaps mitts/hat
June - Blue -- denim baby sweater(s)
July - Violet / Purple -- more squares (moving month)
August - Neutrals / Black & White -- tweeds for a hat/scarf set
And meanwhile, once I finish the Weasleys and the Olympics, I'll set to work in earnest on the big woolly jacket and the Summer Tweed sweater for me. I'm pumped, I tell ya!