I think it goes (0,0,0) through (255,255,255). Meaning the first value R will go up to 255 (so it would be 255,0,0), then the G would go to 255 (so it would be 255,255,0) and then the the B value would go all the way to 255,255,255.
I guess that would limit the combination's to 765 then? I might be wrong on that 16581375 thing. In fact, I'm pretty sure I am now. At any rate, 765 will give you a much wider range and accuracy.
TBH though, a grayscale heightmap will probably suite your needs.
And I have no idea, you'll have to ask that in the DBP board with a more detailed question.
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