I'd still like to experiment a bit, but yes, coloring items does change its stats from the base item and can also add class restrictions.
For example, Felt Halfgloves are usable by all classes, but Red Felt Halfgloves are only usable by DoH.
And like any other crafting process, when coloring you can start with an HQ base item and very likely not end up with an HQ colored item. ><




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