Yes, I've done it for several bikes.
A colour change is straightforward; a capacity change is more difficult.
Something like a colour change is simple because you're not affecting (or potentially affecting) the revenue class. A change to the capacity is more complicated for the very same reason. (I guess a change in fuel type would be too - for all you NOX burners!). IIRC, the former case requires copies of receipts; the latter case requires a statement from the garage on company headed paper (or a sample of your DNA if you do it yourself!).
BTW, if you're sending in a V5 for amendment, be sure to photocopy/scan it first. The DVLA's reputation is pretty poor when it comes to losing documents.