Technically, yes this would be possible. As of the Closed Beta though, the container format for most of the games resources was updated, making it a bit more of a pain in the butt to extract.. Creating new containers is also not exactly user-friendly at the moment either.
Still though, it's possible yes.
You could even change how much of an outfit is color-enabled by altering the appropriate map:
Spoiler!
It wouldn't be a bannable offense, since it's a client modification and no one else could see it. It's no worse than the fan-translation we've used. They might make it harder for us to modify this kind of thing, but eh..
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