Blender utility to convert materials to vertex colours
- [Run the script in the blender] (https://stackoverflow.com/questions/11604548/running-python-script-in-blender)
- With the object selected in object mode press space
- Search for "Mat2VCols" and hit enter
- You'll enter vertex colour mode and will be able to adjust the new vertex colours
Tested on Blender Version 2.78