<input type="color"> может проще селектом
<!DOCTYPE html>
<html>
<head>
<meta charset="utf-8">
<title></title>
</head>
<body>
<p id="1">JavaScript</p>
<form name="f" id="f">
<input type="radio" name="align" value="left" checked="checked">Rleft<br>
<input type="radio" name="align" value="center">Rcentr<br>
<input type="radio" name="align" value="right">Right<br>
<input type="button" value="применить стиль для текста"
onclick="radiocheck()">
<input type="color" name="color">
</form><script>
function radiocheck()
{
var currentradio;
if (document.f.align[0].checked) {
currentradio = 'left';
}
if (document.f.align[1].checked) {
currentradio = 'center';
}
if (document.f.align[2].checked) {
currentradio = 'right';
}
document.getElementById('1').style.textAlign = currentradio;
document.getElementById('1').style.color = document.f.color.value
}
</script>
</body>
</html>