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splash, how much training and experience do you have in Photoshop? I think your problems with tackling this type of project come from trying to learn all new techniques all at once and you are bound to go wrong somewhere. Why don't you upload your psd so we can get a better idea of where you are stuck.
You need to turn of the white layer add a hue saturation adjustment layer at the top to change the colour to whatever you like or just effect the ligtness slider to make it white or black merge all visible layers makeing sure you have the layers in the folders and background switched off. Then file save as a png format. then open up your image and drag the png you just saved in over the top of it. And adjust the layer opacity.