We think colored pearls are lovely. :-)
I have a set of costume chunky pearls in a goldish-pink color that I wear often. I used to have black pearls that I would layer with white pearls, but that necklace broke and I haven't gotten around to fixing it. I tried on an amazing multi-strand choker with pink pearls while in Paris - if it wasn't amazingly expensive, it would've come home with me. The color was very flattering.
But if you don't wear bracelets often, that is a problem. I do have a three-strand pearl bracelet my sister gave me for being in her wedding. I have a hard time wearing it because I can't shake the association with bridesmaid gear. But then I look at Dawn's outfit today and I love the added touch of a pearl bracelet. (Check it out on her capsule challenge post). I think Garmenta's advice is fantastic: wear deep, rich colors with it... and steer clear of any outfits that are too sweet.
I would NOT make this into a necklace. It would end up being single strand, wouldn't it? I would fear the pearls are too small for that and it would end up looking conservative. I could be wrong. Depends on how much length you would ultimately have. I think pearl necklaces look best when they are chunky and short, or regular size and long.
I like Kristen's idea too.. If you could find someone who could weave a black ribbon through the pearls, that could be cool too (see Jcrew).