Yes, each color would be a radio option.
This sometimes can be confusing because you have an attribute with options. The attribute is named 'color' and the option is named 'red'. The attribute type is 'radio'.
You can save it as an attribute template, then assign it to any number of products.
When you create each option you can assign it a name, image, price and cost. Most browsers don't display the option:cost variable so you can use that field to enter other option data like percent markup or color hex. You can then tokenize the option:cost field and use those variables elsewhere.