Bump! I'd love to know more about this also. Currently, I have only colored enough for two tiers. I basically color as much as I can get my hands around, then take half of that and add more white. Eventually I get the color even across it all... Just keep going back and combining some of the mixed with white. I'm always amazed at how much easier it is to mix colored fondant and white than it is actual coloring and white. (if that makes any sense! 
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I have found the easiest way to be the way Nic Lodge taught us. If you want to cover, say, a 1 lb. recipe of white fondant a soft pink. Pinch off a piece of fondant about the size of a large boulder marble, color it with gel or paste color about 2 shades brighter than what you want for the finished color. Knead the color evenly into the small ball, then knead that colored ball into the 1 lb. of white fondant. Pull the fondant at each side and fold over, continue doing that until the color is even. By coloring the ball rather than adding the color directly from the jar into the large amount of fondant you get a more even color, no spots or dots of unmixed color when you go to roll out the fondant.
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