Sadly my troop had to fold the year after I had attained the rank of Eagle Scout, but we did have a couple traditions...
1. Plaque in the Church Hall with every Eagle's name and year they earned Eagle. (my two brothers, myself and 2 other scouts are the last to be placed on the plaque, sadly)
2. A full binder presentation with invitation replies from various local public officials, Eagle Scouts, etc that the scouts and troop invite to the ECOH
I love the idea of retiring the colors and presenting them to the Eagle Scout. That's a fantastic idea!