Yes, the label can have a template color.
alt text http://img178.imageshack.us/img178/1995/textwithpatterncolor.png
UIImage *tileImage = [UIImage imageNamed:@"hot_grad_64px.png"];
UIColor *patternColorTile = [UIColor colorWithPatternImage:tileImage];
self.testLabel.textColor = patternColorTile;
A template can be animated by switching between several template colors. I flipped through the image with the picture and the usual color at> 30 frames per second, and the iPhone continued normally.
While the image tile is small, I see no reason not to do this, but I did not profile it.
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