Once upon a time, I encountered a sort of interactive museum book called "Earthsearch". One of its "exhibits" was a color wheel, made of two spinnable pieces of tinted acetate, that purported to be able to generate any skin tone. I suppose this is three degrees of freedom, since for any position of the two wheels you could access a range of colors around the edge - but the printed page underneath was simply a grayscale gradient, so one degree of freedom was simply luminance.
The book was released in 1994, and was very confident. It even went as far as to encourage the reader to see a doctor, should their skin tone not be achievable! What color model were they using?
But I can’t vouch for the accuracy of the book, but I suspect it was an approximation.
The haemoglobin and melanin are roughly in separate layers of the skin. There is an approximation known as Beer-Lambert that models the skin as two semi-transparent layers. This ignores subsurface scattering, but is roughly correct.
So, in theory two acetate sheets might replicate this. That’s my intuitive opinion. It has been many years since I did this work.