It makes tint plus pretty much obsolete.
I know I will sound like a nitpicker now, but "color overlay" is not just "Tint Plus" with intensity In fact, "Tint Plus" was the reason to create "color overlay". While "Tint Plus" just multiplies the original colors with the selected one channel based, "color overlay" replaces a certain amont (up to completely) of the original color with the selected one based on a third-weighted greyscale image. It keeps luminance, so to say (not exactly, but let's leave it for now).
The difference is pretty obvious: If you have a 100% solid blue sprite and apply "Tint Plus" with 100% red, the result is black.
original[0, 0, 1] * selected[1, 0, 0] = [0, 0, 0]
With "color overlay" you get dark red.
original[0, 0, 1] -> grey[0.333] -> original[0, 0, 1] * 0% + selected[1, 0, 0] * grey[0.333] * 100% = [0.333, 0, 0]
I recommend the name "RGB levels" or "Color fusion" for this effect. May I suggest values from 0-255 so it's easy to select an exact color?
Thanks again, you're the first proposing better suited names, I appreciate it much. "Color fusion" sounds pretty close to what exactly it does.
I was quite comfortable with the percentage values. But if channel values [0, 255] add to the comfort of using this effect, I will change it, of course.