If you mean being able to switch between colors on the fly, then no. It's just a texture replacer.
If you mean mix-and-matching, say, a red cape with blue everything else, then sure you can do that. Just download all 3 options and you'll be able to select which items you want.
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If you mean mix-and-matching, say, a red cape with blue everything else, then sure you can do that. Just download all 3 options and you'll be able to select which items you want.