As MARS-CJ stated above, I now have the color emulator files. To make the process easier for anyone wanting to test out the app, I have created a "Bound" emulator application - it will start in FRC Scout.
The new emulator pack download is available at http://marsbot.org/files/PDA/FRC_Scout+Emu.zip.
The zip contains three files: FRC_Scout_Emu.exe (The emulator application - the only file required to run the app on your computer), FRC_Scout.prc (The application itself - for use when installing through hotsync to a real palm), and Readme.txt (read me for FRC Scout application).
To run the emulator simply run FRC_Scout_Emu.exe. It will take you to a stored (color

) session of FRC Scout running.
Warning: I have had some false positives (malware) with the emulator application from Norton. It sometimes will automatically block the emulator (but it still works anyway). Every scan I have run has found the files clean. You can make your own judgment, but I think it is simply a false positive. Windows also blocks the application at first (with service pack 2), but you can simply click "unblock" and everything is hunky dory.
Also for all of those who downloaded the first emulator pack, the color rom files needed are available
here. Place the file in your "Roms" folder and create a new session. Browse for the rom folder and select the color one and you are back in business!