FS Repaint could also do this. An old Abacus program, as I remember. No longer available, I assume.
And ModelConverterX can be used to view the different liveries. The latest development version will allow you to use the green arrows to step through the various model folders, and with a model loaded you can use a drop down box to view all the liveries. You can also switch between the FS9 external model and the VC using a drop down box. If you load the aircraft.cfg file of an FSX or later aircraft you can do the same thing.
And you can change the Options/Importer Settings/Use Conditions to VisibilityCondition and avoid that box that pops up with FS9 models to specify visibilities.
Note however, that while Arno is working on it, exporting FS2004 aircraft is still not perfect, nor is conversion from FS9 to FSX (or later) aircraft. Getting there, though!