Copy/paste from GFAQs, with some edits made to make it more clear.
800B7E0A 03E0
http://i187.photobucket.com/albums/x302/EroneousWaylay/PunkLute.jpg
15bpp, meaning 2 bytes represents one color (5 bits each for red, green, and blue; the MSB (bit 15) is the ‘mask’ bit. Far as I can tell if it’s set the color is opaque?)
That color was originally C8EA.
The way this breaks down is that each color is given a number from 0-31. (i.e. 0-255/8) Then it’s divided up like this:
MBBBBBGGGGGRRRRR
M: Mask; MSB (Most Significant Bit, i.e. bit 15)
B: Blue bits
G: Green bits
R: Red bits
So in Paint or what have you each color will be divisible by 8.
R 80 (10) (0A) (01010)
G 56 (7) (07) (00111)
B 144 (18) (12) (10010)
So originally this looked like:
1 | 10010 | 00111 | 01010
It is then put together like so:
11001000 | 11101010
Hence, C8EA.
Sorry if that’s confusing, I barely understand it myself. But at least we know the format now (trust me, there’s asstons of documentation on the subject.)
Looks like palette info is the very last thing, or one of the last things, in MCHR files. That’s the only place I’m finding EAC8 (as with most values greater than a single byte the byte order is flipped.) Specifically, that’s at A0A in CHR01.BIN.
So let’s look for another value!
One of the pixels from his lute…
R96 G24 B56 = R12 G03 B07 = R0Ch G03h B07h
1 | 00111 | 00011 | 01100
10011100 | 01101100
9C 6C
WHADDYA KNOW! A08 has 6C 9C!!!
Grats, guys. We’ve got palette info. I’ll crack it open more later, for now I’m happy with knowing where it is. 
Also, for some fun, try piddling with
8012EACC xxxx
At one point it looked like it was trying to display polygon boundaries. O_o