It's colors are too choppy mate. You need to work on your blending technique.
Also, if you're working with a project such as color swapping, you need to use a mediocre program like Gimp and if you have it I recommend Photoshop cs5 and above.
It has potential, you just need to work on your re-texturing technique (like blending edges and preserving the textures natural details!, it looks like you pasted black and red over the whole dogi, covering all the small details already incorporated.
recolor can be cool but it's not that big tho, u just recolor, and yeah as they already said the color are way too "flashy", it like the color from paint, u should ask darkingdom if u want advices on modding, he does many good things and even made one special for a guild.