Actually, you can have a color without a texture, but only a solid color. It also cannot be done with the current converter because it must be set in the g3d's XML (namely, the one exported from blender BEFORE you convert it to g3d). People familiar with the old two step exporting should know which XML I'm refering to. Basically, theres a value for diffuse color, which is defaultly 0.8, 0.8, 0.8, which is a murky grey. You can change this to any color you want, and I did this a few times for when I needed a model such as the bullet projectile that was very small, and therefor, a single color was good.
Of course, this is inferior to using an image unless you really only need 1 color for the ENTIRE object and can handle the XML exporting (meaning you need the old exporter, which is still available I believe on the downloads page of Glest.org)