Change colour from random to constant?

using UnityEngine;
using System.Collections;

public class HighlighterSpectrum : HighlighterInteractive
{
	public bool random = true;
	public float velocity = 0.13f;

	private float t;

	#region MonoBehaviour
	// 
	protected override void Awake()
	{
		base.Awake();

		t = random ? Random.value : 0f;
	}

	// 
	protected override void Update()
	{
		base.Update();
		h.ConstantOnImmediate(ColorTool.GetColor(t));
		t += Time.deltaTime * velocity;
		t %= 1f;
	}
	#endregion
}

What are you doing and what do you want to achieve?

if you want to change the behaviour of ColorTool when random == false then you need to check

if(!random)
{
    //Pick specific colour
}

in Update(). It maybe it would make more sense to just do that once though, so you could specify the
colour elsewhere and set random to false and change your Update to:

protected override void Update()
{
         base.Update();
         if(random){
             h.ConstantOnImmediate(ColorTool.GetColor(t));
             t += Time.deltaTime * velocity;
             t %= 1f;
        }
}

You should edit your original question and give us some more info if that is not what you mean.