Yes, you only need to calculate the RGB of the dithered color code by applying the known base colors from the LDConfig, like so (c++ pseudo)
edit: forgot the -256
Code:
A=(code-256) >> 4
B=(code-256) & 0x0F
r=(A.r+B.r)/2.0
g=(A.g+B.g)/2.0
b=(A.b+B.b)/2.0
edit: forgot the -256