vertex textures

Can i make a png of a open gl render out of vertex colors with textures and then apply that as a texture to my mesh or character.I mean is it legal to do so?

Of an OpenGL render?..

You can bake out the whole material onto a texture (make it shadeless so it’s not affected by lighting and make a Full Render bake). You can have vertex colors influencing this material (‘Vertex Color Paint’ checkbox in the material).

It is under the render menue like in the picture.