It can. With Fire, I made a lot of her fire green using Palfx. I don't have access to my stuff now, but if you look in my Fire coding, you'll see on things like her punches as kicks that I have a helper in some of them that goes to a DIFFERENT state where her fire animation (the one I'd attach to her arms and legs) is located. In THAT state, there is a Green PalFX code that made any explods or animations in that state tinted the shade of green I specified. The fire I used, if you look in the AIR was red, but when I used that code, it turned it green. It wasn't perfect, it loses a bit of clarity, but it worked for what I needed it to do. For an FX like wind, auras, etc, it should be ok. It saved me having to recolor all those sprites and making them worse in the progress.
I thought you could do the same with the wind animation and a red PalFX.
I hope I clarified.