Somehow, I don't think this song is complete without adding the line "taste the rainbow".
I rather liked the middle, but I think the very start needs to be redone.
Using the word colors twice, doesn't go well for me. I try to never use the same words twice in succession, unless it's almost impossible not to.
Branching off from the "swimmer" line into "waist deep", was good. I like lyrics that are formed around general topics and tell stories.