So is there any way to change the color of the light that lantern has? I would like to change that yellowish color
I think there's an option for it in the config files. Pretty sure you can also modify the entity file. It's under redist/models/player/ somewhere around there.
aka. U need full conversion
Oh I opened the lantern in model editor and all the lights are in there, and that is really easy to change - thanks!