I think it needs a fair few changes, especially if you want a fairly balanced game. The points system needs tweaking - Irregular troops, especially infantry, are very under-powered and, frankly, point for point don't have much chance against Regulars or even Tribals. Give Irregulars skirmishing as an automatic action for starters as at the moment they're just feeble Regulars who only cost two points less (One solution might be to limit Regular units to six figures).
Artillery should get firing as an automatic action, too. (I don't have them rules to hand so apologies if I am wrong on that).
Too much hangs on Leadership - roll a few bad dice on the leadership table and, especially in a smaller game, you're crippled from the start. Ditto the initial rolls for Discipline - we found far too much depended on your discipline score in these rules. Including the pinning system which, as a million people have said, needs to be changed.
I could go on. They're rules that are more fun to read than play - fine for a fairly small, quick game where it doesn't matter that much that you suddenly find the opposing sides unbalanced. And they have the virtue of simplicity. But there are better colonial rules out there now. I really like Gringo40's new Tonkin rules for instance which, tho intended for the Black Flags war you can easily adapt to any conflict.