So here are the results of my labour! All pictures are filter/enhancement free to give you the most accurate view of the results, even though it’s a little hard to really photograph titanium well since it’s so darn shiny.
Here’s a picture of my setup:
I DO NOT RECOMMEND DOING THIS. IT’S DANGEROUS AND YOU MIGHT RUIN A PERFECTLY GOOD YOYO.
^ That’s diet coke in there in case you’re wondering.
^ Here is our Ricochet half all masked up and ready to go.
^ This is the result afterwards. Rocking the rubber gloves as per Alecto’s recommendation. 
The inside of the catch zone is scratched because I was originally having trouble getting it to work so I tried sanding down the surface to give it a better chance of anodising. Turns out I had the wires in the wrong places (positive attached to the yoyo instead of negative… doh). Should have looked at the battery properly. Live and learn.
I did the cup of one half and the catch zone of the other, so I end up with a yoyo that looks different colours from both sides.
Side 1:
Side 2:
Pretty cool huh? Now that I know how it all works I have no doubt that if I did it again I’d end up with a much neater and more consistent result. At the very least I wouldn’t scratch up the catch zone.
There’s no denying that my result is as higgledy-piggledy as we expected it would be, but I’m pretty sure that this method could indeed give good results. I’m actually surprised at how well it worked. 
More pics:
All I know is this. My Ricochet is now one of a kind, and I have successfully performed my first ever yoyo mod. Feels good man. ;D