Multi-layer Designs?

 Can designs have multiple layers where colors can be customized? We want to make a single design available for multiple products. The design itself is what people would customize. For example, the design below the M would be one color, the dashed outline another and the Gymnastics another.

I'm really fuzzy on if this is possible using the design feature or if each product must be made individually, which kind of seems like a lot of work. For example, I have 3 styles of t-shirts in multiple colors, and a hoodie for this design and its variations.