After choosing the foreground and background color of your orb, you click on "Update" and see the chosen orb - which is a preview anyway.
No offense, I don't get why there should be another button to do the exact same thing as stated above. It wouldn't even save time or clicks though.
Additionally there is already a post designer from 2011 covering this idea:
http://forums.d2jsp.org/topic.php?t=52109484