tModLoader Possible to add in own rarity levels above normal ones?

[Ahndrek Li'Cyri]

Hello! I was curious about if it was possible to add in your own rarity levels above the normal available ones.
I know it's possible to set the item text color in the DisplayName.SetDefault() function, but this doesn't actually change the color of the item when picked up or reforged.
I was also wondering if it's possible to make the rarity color animated or fade through some colors like the Expert mode rainbow effect, if it's possible to make your own rarity levels.
Any help is appreciated, thanks!

 

[Ahndrek Li'Cyri]

For reference, Calamity has rarity levels above the base max of 11 (it has up to 16).
Knowing how to do this would be amazing, thank you!