Color management

Hi.

I'm wondering how many of you use your code to manage color for more complex games... Vs managing color in illustrator, photoshop, etc. In other words starting with white / greyscale assets and then rendering them in color.

I see benefits and drawbacks of managing color values in code, and I can't decide if its worth it. I'm pretty sure rocketcat did it for punchquest.

Do you do this? What are the pros and cons?

Pros:
Rendering them in a different hue is much faster than creating a new set of assets, skin
Smaller file-size (less assets)

Cons:
Time consuming to put in color values for each piece if for example eyes, horns, head all require different colors




Thanks!
Brian