@Brandon Luchene, funny you should ask because my team and I were just discussing this problem a day or two ago. Our current plan is to remove the single line selection and instead drop a vertical bar highlighting all of the points in each line at a given time. Then, we'll display the time, name, and value of each line to the right of your cursor - imagine these 'details' kinda hover to the right of your cursor as you scan through the chart.
This will hopefully eliminate the pain in making sure your mouse is hovered over the right line (especially when there's a few that are in real close proximity.) More importantly, and more to your point, this will also provide a textual name-value correlation instead of making the user try and match up colors.