Awesome! We did this in our tank as well, added three female lyretails and let them sort it out. Fascinating process to observe... It took a lot longer for him to fully change to male coloration than I thought it would (about six months until fully male).

Now we are dealing with something pretty interesting with our group. I SWEAR that our male is turning back to female. Mike says I'm crazy (he says that a lot, though!) and he does not see what I see, but he's been accused of not being very observant on more than one occasion. The tiniest tips of our male's tail have definitely turned bright orange and he is very subtly reverting to that "dirty" appearance as if there is pink paint brushed on over an orange undercoat, much like you are referring to with yours, rather than just being bright fushcia pink like he was in the past. Several months ago we replaced an anthias in the bunch and now our "alpha" female is much more of a challenge to the male, so a coups may be in process. No noticeable change among the females though.

I think this stuff is absolutely amazing!