I have found this extremely useful on a current project. This library adds a getter/setter to the MovieClip class allowing you to manage color without declaring a Color Object. A Color object is created within getter/setter execution but is destroyed as a temporary variable. This keeps you from having to manage color objects along with the MovieClips they modify.
Include into a project:
#include "_color.as"
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Here is the syntax for its use:
MyMC._color = "0xFF0000:30" //Turn the clip red with 30% alpha
MyMC._color = "0x00FF00" //Turn the clip green
MyMC._color = 0 //Turn the clip black > Numbers are interpreted as RGB Values directly
MyMC._color = 0x000000 //Turn the clip black
MyMC._color = 0xFFFFFF //Turn the clip white
MyMC._color = "" //Turn the clip to its original color
MyMC._color = undefined //Turn the clip to its original color
Credits to Jon Williams at ShoveMedia for some of the color manipulation code from the IOLib codebase.
Enjoy!
Ted ;)
DIGG IT! 
Itīs cool tool... thanks.