That might be good for communication. Some years ago, tepples suggested a naming standard to ease communication between artists and programmers. It simplifies colour names by giving names to brightness levels and hues, and then combine them. It is listed under color names in this article.
https://wiki.nesdev.com/w/index.php/PPU_palettes
Reversely, combinatory names like "pale cyan" then becomes instantly and easily decodable as "hue column of C, brightness of 3", and so on, since the naming convention is consistent on the brightness axis. The exceptions are the grayscale colours, but nothing can really be done about that.
I think i'd prefer avoiding descriptive naming such as "morning sky blue", which to me might act limiting towards my imagination on how it can be used (though - i decide palette choices in NESST anyway). Besides, some of the blue colours vary more wildly depending on viewing environment than the other colours - you can't trust them to stay the same. I'd also stay clear from stereotyping colours you could use for skin, especially as skintones vary just as much in asia as any other place.
If names are implemented, i'd still put them instantly viewable in the title or in a separate printout below, so you don't have to wait for a tooltip to appear - plus the tooltip may be intrusive to viewing the master palette.