I choose a color I really want to use, teal and purple are the main colors I want in my quilt. Now the choice is what colors will look good with these two colors. I place one of these wheels over the color star and it revels only the colors that go with it. The color theory is used to determine these cutouts. The star points are graded from light light through dark dark in each star point. I try each of these cutouts and see what combinations I like. I was surprised to see that i could safely add green (for leaves) and gold and some other blues. Then I go to my inventory and select fabric candidates.
Then I sort the fabrics from light to dark using my value thing. Then I stack them on my shelf with notes about the colors e.g., light, medium, dark, etc. I put the rest away and now I know to select my quilt's fabrics from these groupings only. When I am not sure about what will show up on another color, like the circles on the compass ring I am currently working on, I look through the value finder and see how the two fabrics look together.
The choices are reflected in my compass in the previous post. Hope this helps someone!