CARNIL: Without wheels, so to speak, see it shine.
(Red star)
ORALD: He holds currency, though muddled and directionless.
(Yellow boots)
LAVA: Turn precedes a palindromic actress? Goodness, it’s hot!
(Orange)
BACON: Frodos Dreme? No, but it features heavily in at least one of his kinsman’s – take the fourth.
(Pink)
PURPLE EMPERORS: Something Bilbo would have seen, had they not been black. Take the second.
(Purple)
ROMESTAMO: He sends no rugs back to the twin city?
(Blue wizard)
-S: An ocean! - Fingolfin’s squeeze, in turmoil, changes vowel on the first of November, and we see some – take the second one!
THEME: THE SEVEN COLOURS OF THE RAINBOW.
(UNFORTUNATELY, NOT IN THE RIGHT ORDER).
That leaves *green.*