sorry i haven't heard of 'skin coloured ink', but i'm not a tattoo expert.
altho you say you hate your tattoo...is it the design in particular you do not like? if it can't be removed, could you may be look at getting a 'cover up' - a design you may at least prefer to the one you already have?
maybe you could consult with a reputable tattoo artist and see what they would recommend, and if they have heard of this 'cover-up' by skin coloured ink.
just curious...how long have you had it? and why did you get it? did you dislike it as soon as it was done?