"do you know if the wood cuts from the Mercenary's and Turks where colorized when they where made or if it was done post period?"
I don't think that we'll really know for sure, but from everything I've heard, it's probable that the woodcut were colored right after they were printed. These woodcuts were propaganda pieces in response to the Turks attacking Vienna. It makes sense that propaganda "posters" would have much more of an effect if they were colored. From what I've heard about colored woodcut production, the woodcuts may very well have been colored in the same building that they were printed in. I personally believe that these are one of the best colored examples that we'll find, and that while the outfits they are wearing are probably on the high end of soldier wear, the colors are pretty accurate.