The following are the Dip Switch settings based off of MAME 0.180 source code.
 
Use this information at your own risk!  The information was parsed from the MAME source code and could contain errors as to the state, order or descriptions of what the switches do.  If you find an error, please let me know on the Contact Us form and I will work on correcting the issue. 
 
 
 
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Manufactured by Taito, Released in 1981
ROM Version: Colony 7 (set 1)
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Dip Switch:IN2
12345678FunctionOption
On       Lives2
Off       3*
When Lives not set to 3
 On      Bonus At20k/40k*
 Off      30k/50k
When Lives set to 3
 On      30k/50k*
 Off      40k/70k
  Off     UnknownOff
  On     On*
   Off    Off
   On    On*
ROM Version: Colony 7 (set 2)
Print
Dip Switch:IN2
12345678FunctionOption
On       Lives2
Off       3*
When Lives not set to 3
 On      Bonus At20k/40k*
 Off      30k/50k
When Lives set to 3
 On      30k/50k*
 Off      40k/70k
  Off     UnknownOff
  On     On*
   Off    Off
   On    On*
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