That would be relatively simple, but there is a little twist.
1. It is a projectile, not a living entity.
2. The projectile holds any one of several custom fluids, the color of which is impossible to determine until runtime.
Being a projectile that is removed from the game within a few ticks of impact, I don't have to be concerned with unsetting the color change.
I do have a minimal custom renderer that extends ArrowRenderer. Perhaps I could override the render method in EntityRenderer.
One concern is that, due to the singleton nature of items, blocks, entities, it may cause every one of these currently in the game to be tinted the same way. It would seem to be a bit of overkill to make a custom capability just for this minor effect. But, if that is what it takes, I'm up for it.
Reality check: am I even approaching it correctly?