Target Ring + Different animations for cons
 

You can have different NON-animated target rings for the different con colours.
EQ will load the proper TGA as listed in the INI file.
You can NOT have different ANIMATED target rings.
EQ seems to load the alphabetically first gfx and animates it. In my case the blue con one. (B was first)
All other con colours were displayed with one of their frames but as a STATIC image.

The best workaround I found is the "boring" one. Use 1 animation for all cons and merely tint it with the settings in the INI file.

It works, but...
I can not have a clean white border around the tinted area. White offers the best contrast against the majority of EQ backgrounds and makes the target rings very easy to see.

I went back to static rings til this is fixed (Hah!). :/

Maybe I'm missing what you're saying, but all you have to do is make a different animation that you want for each con. You specify which con you want want file to use. Then specify the frames and make the animation you want for that con.

For example:
Trivial
Texture = triv.tga
Frames = 8

Make triv0.tga - triv7.tga animated as you wish.

Repeat for each con.

For colors:
Inside the tga itself, make the ring for each con whatever color you want. Inside the .ini set all alphas to 255, including red, green and blue.