I went a bit further than you and edited the Sprites through Fighter Factory.
Whats interesting to note are the differences between Fighting Evolution 1.6 and 1.7. Most importantly, ZedzDead changed the Lifebars to a nice translucent blue, omitting the Red, Green and Blue trio..... but made the "GO!!" and "KO" animations look horrible by painting them black. So I went in with Fighter Factory, extracted the needed sprites (By saving them as PCX Files), and then changed the ones needed. Tedious, but only 30 minutes tedious.
I also tried to make the Lifebar Trace look red (You know, the secondary color in the bar that diminishes when you're comboed), but blue was the color of choice. It didnt mix well.
I also ripped the X-Men Vs. Street Fighter announcer from the actual rom and placed him in my AU file!! Sounds sweet!!