Yes. Download the tga and dar files at:


In a nutshell, create a custom button mask. Set mask mapping to intensity.
Use white, 50 % grey, and black in your mask graphic.
Where white is used in the mask the fill color set will replace it..
Grey will be replaced with the outline/background color set.
Black is replaced by your transparent color and I set the alpha all the way down.

In the example you almost can get three colors (you should see an american
flag as the button).
The antialiasing was not really designed for a third color and can cause the
image not to be exaclty as planned. Antialiasing is a grey at about 75%.