I think the plan is actually to do all 9 of the Color EPs at once, no? (I could be wrong about that).
And I'm pretty sure that B. Linus is a Lost reference, although the song itself has nothing to do with Lost. Casey is a pretty big Lost fan. (The more astute Lost fans will note that the title to track #2 of the Branches EP is also a Lost reference - Isabella is the name of Richard's wife)