No way, it’s easy as long as you take your time and don’t start with any expectations. You can do all of the color editing you like with just the skinning tutorial and (if you want to get really fancy) the high-res texture tutorial. Once you feel comfortable with that, you can branch out into alpha (aka col-based) transparency and materials (i.e., shaders) in the EMM file. Model swapping and all that jazz come after that.
EDIT: as Will Smith mentioned, the gameplay/moveset editing is indeed complex and has a steep learning curve. The cosmetic stuff isn’t bad, however, as long as you’re patient.