Instead of trying to do that in solidworks it would be more convenient to use external graphic program (GIMP for example).
Just make a drawing from the part and make sure at scale is set 1:1. Save drawing as PNG or TIFF. Before saving change options for export. Output as set to Print capture and choose desired DPI (i believe 400 will do the job).
Then open the file in a GFX program and change colors as required.
If you need assistance feel free to ask.
Of course you can do that direct from model view but then colors can be affected by the scene setup in SW.
Check atteched file.
PendantLabel_C.zip 786.5 KB
That's sort of what I've been doing up until now, but I use Inkscape. I save as a dxf to keep it vector and add the colors in Inkscape. Then I can print any resolution I want. I was just hoping to be able to avoid using a second program and having to add the colors all over again.