It very much depends on how you are going about it? If you are creating polygons to shade say different levels of altitude or perhaps show flooding, you could rasterise those into your images having first coloured them, perhaps using the AttributeRangeFilter, followed by several FeatureColorSetter's and then ultimately into the VectorOnRasterOverlayer...
However, if its a more traditional approach how far have you got with the RasterHillshader?
...further still this may help, though once you have created the shading layer you may need to manipulate the bands before you combine it with your topo map.
http://fmepedia.safe.com/articles/How_To/How-to-create-a-Hillshade-image-in-FME
Here is
a possible solution using
ImageMagick, a free library for raster/photo manipulations. It can be fairly easily integrated into an FME process using batch scripting, etc.
The example linked above show you how to replace a grayscale raster with a color ramp using custom colors.
David