Quoted from Crash:PinballSP has his color DMD finished for 128x16 Data East games!
https://pinside.com/pinball/forum/topic/dmdmk64-new-dmd-multicolor-by-pinballsp-is-on-the-way/page/11#post-4002553
To be precise he only released a new hardware design but he never showed a version fully working. So as long as there is no video I assume he has not even started with programming the firmware necessary for it to work. This if definitely the more time consuming part of it.
In contrary I have tested and released the first working version PIN2DMD firmware for 128x16 just today which of course supports full frame by frame colorization. Just need to finish the pcbs design for the hardware.
Here is a test with a Star Trek Display ROM