Yes, PALLET is a Scrabble word!

Letter values in Scrabble US: P 3, A 1, L 1, L 1, E 1, T 1.

Is it a valid word?

PALLET is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

the range of colour characteristic of a particular artist or painting or school of art
a portable platform for storing or moving goods that are stacked on it
a hand tool with a flat blade used by potters for mixing and shaping clay
a mattress filled with straw or a pad made of quilts; used as a bed
board that provides a flat surface on which artists mix paints and the range of colors used