An avatar using png instead of vectors - a lot less flexible?

I want an avatar. In flash using nested vector symbols I just swap out hair and eyes and accesories etc... to produce another avatar.

Can this be done via the workflow of using photoshop and pngs ie: You can nest the pngs BUT they will be different symbols ie: the weight of the swf goes up a lot.
I mean one hair vector could be three different colours BUT with pngs I would need to draw all three hair colours.

Is there a way of sharing the hair png as an mc and changing its colour?