Needs imagemagick for command line image conversions. Make sure you can run the commands in your command line.
Simple directory layout:
\Batch_Convert.bat (the script downloaded from here)
\items (all base greyscale images go here)
\arrow
\arrow_fletching.png
\arrow_head.png
\arrow_shaft.png
\axe
\battleaxe
\etc..
\overlays (all overlay images go here)
\alumite.png
\ardite.png
\blueslime.png
\etc..
Run the batch file from the command line or by double clicking it.
Please note, that because windows is stupid, you need to not have any spaces in the directories
Do not have spaces in the directory
i.e it needs to be in someplace like C:\Batch_Overlay\
For files to test on, check out the soartex repo here: Example files, and linux method
Enjoy!