Yes, items can have per-instance colors. If there’s a color token on the item instance, any reference to color in the blueprint is replaced with it. If there isn’t the reference is removed. Therefore,
a plain black shirt or
red lacy panties. There’s a couple of grammatical variations on it, too:
a plain [color ]shirt, but there’s also
[color, ], and
[, color]. And adding more is easy as falling down the stairs.
Which reminds me, I haven’t gotten the color tag in for the actual descriptions yet…