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No. Choosing either option to enter is all right. One of the palettes alone is okay. No text is required. If someone doesn't want to use a palette, the fonts alone are okay. Using both is completely optional. :)

Edit: Also, you could choose to use both options on different icons in one entry.
But only one palette should be picked per person as part of the 'pick-a-pumpkin palette' challenge, or game.
So, say I pick palette 4, and make 3 icons and I also pick two fonts and make 2 icons using purple or not making those icons with text look like one specific color at all. That would be okay, too. :)

I hope that makes sense, I think I made it more complicated by explaining it.