No. You'd have to make use another sprite on top of it. So, if the old man was on an NES, the motion blur itself would have to be a different sprite altogether, with it's own palette.
If you really want to get technical and true to NES, all you can use is 4 sprite palettes, and each one has to have transparency as a color.
So...
Sprite palette #1 = Transparency + 3 colors
Sprite palette #2 = Transparency + 3 colors
Sprite palette #3 = Transparency + 3 colors
Sprite palette #4 = Transparency + 3 colors
So, the old man would use use Sprite palette #1, which is the skintone, red, black, and transparency. The motion blur would have to be the color, transparency, and 2 other colors. And then you only have 2 sprite palettes left for everything else. Ofcourse, you could re-use the old man palette and the motion blur palette on other things too.
It's a real pain, cause you can't just pick 16 colors and use em however you want like with old PC games.