No , once you have reserved your name on TB you dont have anything else to do , check
http://et.trackbase.net/?mod=reserve to see the different options avaible.
If you change your colors in game , TB will detect it .. and will change them immediatly.
If you set colortags on TB , you need to have the same one in game , to get your name tracked/ get rated.
Hope i answer to your question.