If the entire sprite needs to be colored, then you can simply add a condition - Sprite is overlapping Mask : Sprite set effect "Grayscale" disabled.
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If you want to show only the overlapping part of the sprite in color, I'm not sure how to do it. Maybe this will help:
https://www.dropbox.com/s/bskzrw0b8xea80n/ColorMask.c3p?dl=0
thanks exactly what im trying to do, thanks alot again bro :)