New details posted in the official Japanese site for Street Fighter X Tekken showcase the return of Color Edit mode, last seen in Capcom Vs. SNK 2. This comes on top of all the new crazy costumes revealed for the game.
The system, as detailed on Capcom’s site, allows you to pick and change the colour on certain parts of your character. Skin, hair, clothing and even accessories can all be re-coloured to your hearts content.
Whether or not this is limited only to a characters original costume or if you can re-colour the alts as well is still unknown.
Source: Capcom Japan.