Depends on the blanking input.
If its TTL blanking then the beam is either on or off, so no dice making the 16.7 some odd other colors.
If its analog, and depending on the speed of modulation you could probably get it set up well enough for a full color display system for *less than amazingly complex* imagery. Beam effects for example are a good example of what can be done with analog.
Though I know some diehards who sware PCAOM's are are the only good way to to play the color mixing game. Given the modulation speed(Mhz) of a PCAOM/AOM, I can see their point.