It's sad to see people being put off this game because of the default colors. Here's my updated SweetFX config for Torchlight 2. Guaranteed to kill 99.9% of all cartoonish rainbows and make the game look like the gritty ARPG you always wanted.
SweetFX_Torchlight2.zip 223k .zip file
1)Disable the game's built-in AA
2)Extract contents to your Torchlight 2 folder (default is C:\Program Files (x86)\Steam\steamapps\common\Torchlight II)
3)Play the game! You can toggle the effect with scroll lock and take screenshots with print screen
Just wondering, what kind of things did you change, and did it take long to make?