Loren,
You can do all the stuff from Jak's tutorial in
PSP... (I have
PSP 7 but this has all been possible for the last several versions)
"Make sure it's in RGB color" - Colours -> Increase Colour Depth -> 16 Million Colours
"make a new layer and set it to color blending mode" - Layers -> New Raster Layer (Blend Mode: Colour) (you can change Blend Mode later via Layers -> Properties or the Layers Palette)
"Fill your selection" - you'll have to use the Flood Fill tool for this
"adjust the fill opacity to your liking" - change the opacity of the layer in the Layers palette
"save all of my selections in case I need them later" - Selections -> Save to Alpha Channel (or to Disk if you prefer)
"re-name your layers" - double-click on layer in Layers palette or choose Layers -> Properties
The rest should be fairly straightforward assuming you've been using
PSP for a while, but ask if you've any specific questions.