I'm not quite down with the syntax for dynamic symbols etc. I guess I can probably do something with dolist and a list of colors here, but not sure what:
  (custom-set-faces
   `(term-color-black ((t (:inherit term-color-black :background ,(face-attribute 'term-color-black :foreground)))))
   `(term-color-red ((t (:inherit term-color-red :background ,(face-attribute 'term-color-red :foreground)))))
   `(term-color-green ((t (:inherit term-color-green :background ,(face-attribute 'term-color-green :foreground)))))
   `(term-color-yellow ((t (:inherit term-color-yellow :background ,(face-attribute 'term-color-yellow :foreground)))))
   `(term-color-blue ((t (:inherit term-color-blue :background ,(face-attribute 'term-color-blue :foreground)))))
   `(term-color-magenta ((t (:inherit term-color-magenta :background ,(face-attribute 'term-color-magenta :foreground)))))
   `(term-color-cyan ((t (:inherit term-color-cyan :background ,(face-attribute 'term-color-cyan :foreground)))))
   `(term-color-white ((t (:inherit term-color-white :background ,(face-attribute 'term-color-white :foreground))))))
 
     
     
    