http://2dwillneverdie.com/tutorial/the-making-of-tekken-megaman-sprite/
Even tough, these techniques are used mostly for 2D games, the methods can be applied to any sprite. The method makes the spriting process easier. I tried a few days ago, and it works perfectly:
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"The Hig-res drawing(on the left) and the final sprite recolored (on the right):"
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It would have taken some hours to do everything from scratch ( especially the small details), but with this method it was resolved in a few minutes. (including the final clean-up and recoloring).
Well, I hope some of you guys might find this equally useful for making your sprites and textures :)