To be honest, I don't have much experience using Live2D in Ren'Py, so I'm unsure how it would work with the tool here. It should be recolourable though, since it'll be an image, but it might be trickier to split up the different parts for recolouring. You're welcome to test out how it works using the free version of the Colorize Tool, and see if it does what you're looking for! I'd also be interested in hearing about the results.