for lua:
entity:SetColor( color:TVec4, recursive )
granted EntityColor() should still work but it doesn't for whatever reason...
and while it does say that it doesn't work on meshes in the command description in the wiki... the very same page also says "This will only have an effect on meshes, lights, emitters and coronas.", which of course it does... as can be seen in a multitude of examples here in this forum. The best bet is to use the Entities page that was created after lua was introduced into LE.