Does it preserve transparent?

Yes. transparent is not replaced.

Can I choose a custom target color?

The first version targets currentColor. A configurable recolor tool is planned.

Yes. It is especially useful for monochrome or simple multi-color icons.

Edit

Replace fixed SVG colors with currentColor so icons can inherit theme color.

Replace fixed SVG colors with currentColor so icons can inherit theme color.

Choose an SVG file, paste SVG markup, or load the sample to begin.

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SVG Recolor / Theme replaces fixed SVG colors with currentColor for themeable inline icons.

Using currentColor lets an inline SVG inherit CSS text color from its parent element.

The first version replaces detected fixed color values with currentColor. Detailed per-color mapping is planned later.