Colormap or Material per Color?

I am building a 3D game for mobile, and I am using approx. 10 colors. Some objects that I am using have two colors. Is it worth making a texture with every color that I am using, so that I only have one material that I apply to everything, creating different colors through UV mapping? So every object has only one material instead of two.
This should reduce draw calls, but it would be a lot of effort, and I am not sure if it makes the game run significantly better.

Don’t optimize prematurely is a pretty good mantra.

If you’re seeing slowdown in the GPU when running your game, and it appears to be from the number of draw calls, then this would be a reasonable solution. But, if it ain’t broke, don’t fix it.

That being said, it might be cheaper to have more draw calls without texture lookups than fewer with.