I'm assuming Fuzzy Lops are a breed already (I don't know for sure).
You will have to file a request for a "Certificate of Development" with that color with ARBA. One of the parts of the process is developing the standard of perfection for that color. I think you also have to have X amount of breeders committed to helping you with it and they sign a statement to that effect. I want to say it is $50 for the application fee.
ARBA standards committee then looks at your application and decides whether or not to grant the COD.
I think you then enter a three year development process - to work on the colors before presenting them before the committee.
Once that happens - you then present at the convention.
Now here is the tricky part - if I remember right.
Once you present at convention and pass - then it goes before the national club for your breed to decide whether or not to allow the process to continue. If they vote that they would not accept the color - then I want to say that the process is dead in the water. If they vote to continue - then you have to present and pass two more times in the next four years (five years total to pass three times).
I hope this helps. This is what I remember from various discussions about lionheads, etc - and of course - the process might have changed or (GASP)- I could just be wrong!
At one time I was looking into doing a COD for lionheads....and this was what I was told.