Thank you , I got it to work. This method, combined with your screenshot (thank you!) made sense and it worked.
https://www.homedesignersoftware.com/support/article/KB-00924/customizing-a-material.html#:~:text=Right-click on the copied,the material%2C then click OK.
Also, I downloaded a free materials bonus catalog on materials and it had a nice gray vertical weathered wood siding that looks pretty close to what I was looking to.
Both of the above worked with my existing 2016 Home Designer Suite.