So that's it's a combo of Miracle Potion I and II, allowing you to change your pet's species and color at the same time.

This would allow people to get experiments, of course, but also would allow easier access to rarer species, such as Aeanoid, Bhakorus and the likes.

Since this is an item that you can get once a year, I don't think that the ability to change species and color would be overpowered.

Full support

You have my full support with this too!