TRANSLATABLE (I think)
0) You know the basics. Get your base, crop it down to 100 x 100. My base came from Adair Tishler Online. Why? Because I love Matt & Molly.
1) Prep your base. Depending on the picture itself, it may need to be sharpened, screened, multiplied, your usual 'fix up your base' kind of things. For this base, I duplicated the base five times. I set the first four duplicates on SCREEN and the last on SOFT LIGHT.
2) Add an EXCLUSION layer (Layer > New Layer > Exclusion) and set the opacity to 70. Fill this layer with #001b70.
3) This step is optional. I didn't like how dark the icon was looking, so I added a BRIGHTNESS/CONTRAST layer (Layer > New Adjustment Layer > Brightness/Contrast). I left the contrast alone, but increased the brightness to 21. This step is one of those that needs to be adjusted depending on the icon itself and how you want it to look.
4) Here we bring in the COLOR BALANCE layer (Layer > New Adjustment Layer > Color Balance). Make sure your preserve luminance box is checked. Now put in these settings:
SHADOWS: 38, -1, -5
MIDTONES: -100, 11, 17
HIGHLIGHTS: -13, -17, -32
Set this layer to COLOR.
I'd love to see what you guys come up with!