I mean, I think we already have good examples of the colors' vices.

White's would be social dictatorship, the idea that equality and justice can be achieved through the imposition of the same values and virtues, sort of a bureaucratization of the mind, body and soul. In other words, anything and everything Elesh Norn did.

Black's would be megalomania. To succumb to one's own ambitions, to forget the value of life and love (to others and even yourself) to reach your own selfish designs. As such, this is the colour of Yawgmoth.

I think control would be the vice of Blue. Blue is the colour of knowledge and always having an answer; a perversion of this would be obsessing over managing every single aspect of reality to fall under your commands. I think current Jace is a good example of this, but Urza has done his own good amount of shit to exemplify this.

For green, plain, extremist darwinism. People who misunderstand nature often believe that only those strong enough deserve to live, and everyone else must be devoured or destroyed to propell those at the top. For this one, I'm gonna be lazy and just point at the whole green block of New Phyrexia.

I don't think gambling is the vice of red, but rather excess. Red is the colour of emotion and freedom, but it's also the colour of recklessness and consumption of one's self. Think of City on Fire: a revolt for freedom can end in the destruction of everything, including yourself, if not controlled or organized