Yes you eventually unlock with silver coins and continued play 4 regular items for each sponsor along with 1 epic and 1 rare. That is potentially 6 variations for each sponsor. So, the 500 credits to customize your appearance while keeping your equipment boosting stats is a bargain given you get a wide variety of appearance options with that one option.
This gives you an awful lot of variation to mix and match and find color combinations you like without buying specialty apparel, but those options may end up being cheaper.
I have only recently unlocked a green CM hat and the L9 Foxwinds black jacket and I have been dabbling in coin games on and off for 2 - 3 years. That said, the higher levels to cost silver coins and the prices go up to unlock a new design so you also need to build up the silver coins in coin rooms.
I have suggested or dabbled with the idea WGT should allow or offer at a price customizing shirts and hats for clubs with their logo. I think they would sale...
Obviously, the above doesn't exist with the club logo, but it shows how easily it could be created, given how quickly apparel is being added to the game.