
You can add a Default Value node to your graph. This way, MyColor provides a default input value, while the user can also provide an alternate input value. If an alternate is provided, it is used. Otherwise, the default value is used.
Add the default value nodes to the graph:
Enter the group view and
-click the work area and choose Tools
Toggle Advanced Mode to go into advanced mode. This mode provides a larger selection of nodes.
-click the work area and choose Graph Nodes
Code Control
Default Value to create a Default Value node. 
Group node ports are renamed (in the parent group node at left).
Label the group node ports:
The first port of the group node is now renamed to MyColor 0.
The second port of the group node is now renamed to MyMultiplier 1.

Choose the Active Socket value, then enter the Active Socket Label.
Supply an alternate input value:
Values
Color). 
Color node provides alternate input value and its value is used instead of the default value.
Values
Float) and connect its Float attribute it to the MyMultiplier port of the group node. Remove the color override:
. In the viewport, the object reverts to the default color.