Yep. That's the extent of my skill. I don't even know how to isolate the SB shield in order to make the space around it orange. I had to do the whole darn thing.
GIMP and Photoshop both have the 'Magic Wand' tool, which uses fancy algorithms to detect the shape of an object (the shield, in your case) and select it. From there you can invert the selection and do your work. Since the outline of the shield is fairly well defined, you should have no problems.
Ver. 2 is a knock-off attempt. One problem though, I couldn't find a suitable action figure pose from a any Shaw film so I settled on one of Bruce Lee, unfortunately Lee never starred in a Shaw production.