You aren't seeing "color lenses" ... the white light produced by the lamp is split into red, green, and blue light. Each color of light has it's own optical path. And there are 3 LCD imagers, one in each of the 3 light paths.
What is required is that you align the 3 LCD imagers. If there is no control in the user menu to do this (some projectors do have this feature... Some Epson models, some new Sony projectors like the 4K model, JVC projectors, etc.) it is not something you can do yourself.
The software alignment tools in the projectors mentioned above actually allow you to do different amounts of adjustment in different parts of the screen. For example, you may need to adjust blue 3-clicks to the right in the lower left corner of the screen, while blue needs to be adjusted 1 click to the right in the right center of the screen. You cannot do that sort of alignment precision with any mechanical adjustment of the 3 LCD imagers.