Generate a HSV Colour Wheel
After some thought it turns out that the wheel can be generated via
point(x,y).setColor(HSV(getAngle(circle_center, point) / 360, getVectorDistance(circle_center, point) / circle_radius), 1)
After some experimentation, nice effects can be generated by modifying the saturation value
s = getVectorDistance(circle_center, point)
s = getVectorDistance(circle_center, point) / circle.x - circle.y
s = getVectorDistance(circle_center, point) / 0.000001f // or any really small value