This is such an interesting discussion! It's hard for me to analyze my own approach, although I love lots of colors and use them extensively.
I can't limit purchases to a palette, since I happily wear white, pinks, corals, reds, burgundy, maybe a few oranges, yellow, greens, blues, and some purples. (I do have a Do Not Buy list, which includes off-white and most brown-tinted neutrals, and gray, black, and navy dresses and tops; and I'm very careful with pastels other than blush.)
Come to think of it, my "accessories" capsule is much more color-limited. For footwear, outerwear, and layering pieces (cardigans, jackets, and coats), most things are white, black, blush, navy, or burgundy. It's a rare case for me to not be able to match an outfit with one of these colors.
My climate is extremes and my wardrobe is dress- and skirt-based, so sometimes this works great. Like in summer. All I need is a dress in a pretty color, and white, blush, or cognac footwear. 2 items, easy.
But winter gets much harder. I can still wear a dress, but keeping legwear and footwear combinations more interesting than Black & Black is really difficult at times. I've got great skirts and sweaters, too, which add another color. And many times I need another layer because I'm cold, so I'm up to 4 or 5 items.
All that to say, I'm currently working very hard on figuring out really solid color combinations for winter. Finding the right legwear and footwear is a huge part of this, since I'm often frustrated. I'm slowly drawing out principles that help me make shopping decisions.
One principle is Visual interest needs to be on top or the dress/ensemble as a whole, not the skirt or legs. (With exceptions, like a brightly-colored circle skirt.) I have some excellent, very comfortable off-white sweater tights that I almost never wear, since they usually draw more attention than the outfit. So I'm not buying more very light-colored legwear, but I am identifying other colors, like light/medium gray, that will coordinate with many dresses or skirts but not compete or be as heavy as black.
I really need to make my own post on this! But it was such an interesting topic, I had to weigh in. And I find that every time I write out thoughts on this, things get a little more clear. Like the accessories color palette. (Which hits a snag with warm tan colors like cognac; it's the perfect footwear in many cases, but definitely not preferred by my face so I don't layer with it.)