Toadfrog's idea is a great one.
Also, you could obtain 1/8" punched holes from multi-colored sheets of construction paper.
Apply adhesive from a glue stick to a dot and affix to a jig head, jig collar, or lure body. You'll likely need tweezers to help handle a tiny 1/8" dot. Apply a clear coat over the dot, let dry, and you are finished.
Michaels craft store sells 1/8" hole punches. Sorry that I can't help you with smaller punch sizes.