You should be able to do what you want using QGraphicsColorizeEffect:
self.label = QtGui.QLabel(self)
effect = QtGui.QGraphicsColorizeEffect(self.label)
effect.setStrength(0.0)
effect.setColor(QtGui.QColor('silver'))
self.label.setGraphicsEffect(effect)
To toggle the effect, set the strength as appropriate:
if self.label.graphicsEffect().strength():
self.label.graphicsEffect().setStrength(0.0)
else:
self.label.graphicsEffect().setStrength(0.5)