You could combine the "Variations which tell more" setting (for 2 menus and the text field) with "Variants affecting price/weight/stock/SKU" for one of the menus, but then you'd just configure all the Variants the same with only the SKU Option1value differing if the menu selection doesn't actually affect the price/weight/etc., e.g.:
ItemName C,23.00,,,Celadon,,
ItemName H,23.00,,,Heliotrope,,
ItemName P,23.00,,,Puce,,
ItemName Z,23.00,,,Zinnwaldite,,
(you'll see what the above pertains to when you enable Variants for your product).