Yes, I've tried blu,e green, purple and yellow and none of them did anything to the shield you see in game. The icon in your inventory will dye but not the actual shield.
Hehe, i've dyed my Air Wand and Storm artifact both black, along with my 15k aeromancer armor, it looks soo leet, the wand still has that purple glow, and the actual wand is black so it goes with my black and purple armor.