Great idea man. Besides being able to make epic looking armor and weapons, people could also use it to make camo for certain planets, just make your armor the same color as the backround, you could go all ninja in pvp and stuff. Edit: OK, now I have to go make my own thread on camo, that would be pretty awesome to have armor that accually blends in with the surroundings. Thanks for inspiring me, even though this really has nothing to do with the idea I just came up with.
I think it shouldn't be too much of a problem, they could allow changing colours at the initial release and think about textures in a later update.