I found this script somewhere but it is an olde , Can somebody prehaps update it ?
#-- Blender Vetex Sculpt Paint --
import Blender
from Blender import NMesh
from Blender.NMesh import Col
#import math
#from Blender.BGL import *
#from Blender.Draw import *
#-- Paint object-------
me = "Grid"
#-- The height value --
h_value = .9
#----------------------
ome = NMesh.GetRaw(me)
nme = NMesh.GetRaw()
ome.has_col =1
va=-1
for ff in ome.faces:
va = va+1
clrr_1 = ome.faces[va].col[0].r+ome.faces[va].col[0].g+ome.faces[va].col[0].b
clrr_2 = ome.faces[va].col[1].r+ome.faces[va].col[1].g+ome.faces[va].col[1].b
clrr_3 = ome.faces[va].col[2].r+ome.faces[va].col[2].g+ome.faces[va].col[2].b
# print ome.faces[va].v[0].no[2]
ome.faces[va].v[0].co[0] = ome.faces[va].v[0].co[0]
ome.faces[va].v[0].co[1] = ome.faces[va].v[0].co[1]
ome.faces[va].v[0].co[2] = ((ome.faces[va].v[0].co[2]+clrr_1)/255)*h_value
ome.faces[va].v[1].co[0] = ome.faces[va].v[1].co[0]
ome.faces[va].v[1].co[1] = ome.faces[va].v[1].co[1]
ome.faces[va].v[1].co[2] = ((ome.faces[va].v[1].co[2]+clrr_2)/255)*h_value
ome.faces[va].v[2].co[0] = ome.faces[va].v[2].co[0]
ome.faces[va].v[2].co[1] = ome.faces[va].v[2].co[1]
ome.faces[va].v[2].co[2] = ((ome.faces[va].v[2].co[2]+clrr_3)/255)*h_value
ome.has_col=0
NMesh.PutRaw (ome,"NewMesh")
Blender.Redraw()