It's not all you can do, but it is a lot of work. I applaud this being here and having the options, on the BASE level, that's all you can do. You can expand upon that. The only thing is, you will have to make the character's Face, SV, TV, and TVD images for each possible color combination and track carefully what you want each one to be so it links up well. I don't think you can have the game actually make the color combinations for you unless there is a way to script a filter on the character to change it's color for you with a slider or something.
That said, it would be possible to have a character creation system where you talk to the iteration you like for appearances. Maybe have an event that looks like the character choice with the another event walking in a circle behind it to show the option. Each time you talk to a character give a confirmation then lock in that part. If you have an actor numbering system for the options as they build you could organize it rather well, but it would be a lot of work and time consuming to get it done, not to mention the game size grows exponentially for each choice which can be a concern depending on porting method to mobile if that is a platform you are considering.
Nice tutorial! Thanks for taking the time. Sure sparked my imagination on what I want to do.