Technically yes, but I'm not confident the result will be what you're after.
You can access the Roles dialog by right-clicking in the left margin of the Member form (where the field labels appear) and select the popup menu item "Open the Roles dialog". From there you can edit the Team Color and Team Name values.
What exactly is it that you want to happen with the LIT Team Name and Color? Is there a particular report you want the LIT to appear on for example? Give it a try and let us know.