Not quite... but yes as far as applying WindoBlinds skins
MyColors can be considered a theme manager that apply a theme which can change:
your windows, start panel, taskbar using WindowBlinds set for MyColors which will apply your MyColors windowblind skin
your icons, using IconPackager set for MyColors
your cursors, using CursorFX set for MyColors
MyColors is for 'one click and you're done' but you can only apply which ever MyColors themes you have
so if you have one MyColors theme, the windowblind skin that come with it is the only one you can use
Whereas with just WindowBlinds I can go through at least 4000 skins
the iconpackager part of Mycolors will apply the icons that come with mycolors
with just Iconpackager I got the whole gallery to choose from
But I can't apply any MyColors themes without MyColors installed (afaik)