This is a snippet that you can put in a script which is being invoked in parallel by xargs. It will gain a lock on one of 8 colors and then the output for that thread will be colorized separately from the others.
Inspired by xargs output being absolutely unreadable if you're invoking verbose scripts.
The example contained within the snippet I've committed pulls master for all git repos in your ~/GitHub folder.
If you use more than 8 threads, something will probably blow up.