The TJvCustomOfficeColorButton represents the button with the arrow key, it corresponds to the TToolbutton used by myself. Of course the jvcl button is better because it distinguishes between the button and arrow areas. But it won't integrate into a toolbar as nicely as a TToolbutton child.
The office color panel shown in your screen shot, in the end, inherits from a plain old form, with many additions though, but should appear similar to the form of my demo. I'd expect to miss the shadow of a true popup menu as well. (I did not install the huge jcl library in Delphi any more, so I can't tell for sure).
My idea was: the popup windows opened from a toolbutton or a menu item, is nothing else than a "window" (in Windows terms). Therefore, it should be possible to insert another control (my color panel) into it.