I have a Google Sheets file that contains 2 sheets:
L1: A listing of my expenses (screen shot)

As you can see, there are two columns named Tag #1 and Tag #2. These are linked to a list of tags I've created.

Color Palette: This sheet represents the color coding I've adopted across my file. (screen shot)

I'd like to change the color of Tag #1 and Tag #2's cells to match their tag's color in the Color Palette sheet.
I understand I could do it using conditional formatting, but is there a way to link the color I pick in the conditional formatter directly from the Hex Code column present in the color Palette sheet?