Is there an example of a bitmap color replacement implementation that actually works?
I’m trying to achieve the following:
Before:

After:

Note: I’m not trying to use a color matrix transformation here. I want the ability to select 1 color, then select a threshold, and then select a new color which would effectively shift all the colors in the threshold.
Is this idea possible to execute very accurately? If so can you point me to a proof-of-concept?
Just to get the ball rolling on this… I don’t know that this is going to be the right solution for you but it’s a start.
This answer shows how to use the BitmapData.threshold method to replace colors. You could replace a color with a transparent pixel, then put a background behind your MovieClip and animate between colors.
You could also loop through the bitmapdata pixel by pixel to replace one color with another.