Ron & Ken,
I don't know what transpired in actual practice, but to see how Hardee called for a regimental order of battle, check the site below. I don't see a reference to any particular company as a "color" company, but you will see that the color guard was to be made up of 8 corporals and one sergeant, chosen from among all the companies.
"The corporals for the color-guard will be selected from those most distinguished for regularity and precision, as well in their positions under arms as in their marching. The latter advantage, and a just carriage of the person, are to be more particularly sought for in the selection of the color-bearer."