I keep seeing this term used but I have no idea what it is!
It’s just the yarn-method of saying “color and pattern” - so that, for instance, the Blue Sky Alpaca Silk I bought in a pretty lavender shade is Colorway #114 - Wisteria. And the KP Shimmer I have that’s variegated in shades of pink and yellow is Colorway Happy Dance.
I just couldn’t figure that out!
I am in TN too, NE corner!
Middle part for me, about 35 mi south of Music City USA.
The other common usage is when a pattern or kit is available in multiple colour schemes; Say, for example your choice between a blend of blues and greens
OR reds and oranges
That makes sense in the context I saw it used!