As a designer and someone who as spent many a happy hour creating Morgans on the Morgan website car configurator - planning my dream Morgan if money was no object and then several colour ways of cars using the most basic specification I feel i can offer my thoughts
If the colour of the leather and hood have to be black then i think the best body colour options from the standard colours are:
Sport Green
black
Red
I have a red Morgan with a black hood and interior but only because I bought a used car and it ticked all the boxes in terms of price and specification and beggars cant be choosers.
Red wouldn't have been my first choice as I agree with you it is a wee bit flashy but having owned it and driven it and from everyone's comments - it is a really nice colour and looks bonny in red. just in the last two days i have passed 3 other Morgans in Red and i think they look really good and arresting to the eye. It does get you noticed more and draws a bit more attention as I can compare it to when I had a dark blue one as a hire car for 10 days
however I still don't think though I would order a red one if i was ordering new unless i could afford to go all out for stainless steel on the wires and grill, red piping on the interior and walnut dash
Sport Green - such a classic colour and looks great with the black leather and hood - i also think it looks great with the black wire wheels and the black front grill - have a look at pictures of the classic Bentley Blower for inspiration. I can't see that you will ever be disappointed or regret choosing this colour.
black - have a search for Ralph Lauren's favourite Morgan - a beautiful all black DHC
black is a bit more difficult to keep looking clean - that's the same with all dark colours but there is something quite appealing about everything in black punctuated by bright chrome and polished stainless details. If i was ordering an all black 4/4 i would go for black wires but then put the chrome 3 point spinners on. Undecided as to what look look better on the front grill - black for a more contemporary sporty look or stainless to give that classic Morgan 'face' either way my advice would be to not have the silver paint finish on anything as this introduces another finish that doesn't quite match the chrome or polished stainless parts.
hope that anything above helps but exciting for you to have a choice