tho hard to spot unless ya do a frame by frame, there is indeed some kind of colour related option, tho we only saw the menu option, so we don′t know how it works exactly.
It does look like every piece is customizable.
Which is awesome, but i also hope that with great power comes great responsibility, and power armor has enough drawbacks like maintenance, so it isn't just easy mode for casuals.
Pretty sure they chose those flames in the gameplay footage, not completely sure though.
well besides leaving you slow as snails the customising window did had a repair option, suggesting that taking dmg in your PA will weaken it over time unless you spend resources and time repairing the dmg.