Short answer, yes.
David Doyle’s “Standard Catalog of Lionel Trains, 1900-1942”, reproduces a Lionel catalog page from 1917.
It lists the following outfits with a #38 electric locomotive:
“No. 38 ...outfit includes 8 sections of curved track, making a circle 3-1/2 ft. In diameter. Has electric headlight. Reversing controller and connection for lighting interior of cars. Price $12.00”
”Electric freight train outfit No. 39. Comprises No. 38 locomotive, 1 No. 116 coal car, 1 No. 117 caboose, and 8 sections of curved track making a circle 3-1/2 ft in diameter. Length of train 32 inches. Price, packed in strong box with full directions for operating..... $13.00”
”Electric Pullman Outfit No. 40. Comprises No. 38 locomotive, 2 No. 35 Pullman cars, 1 No. 36 Observation car, 8 curved and 4 straight sections of track, making an oval 5ft 9 in long and 3-1/2 ft wide. Length of train, 4 ft. Price, packed in strong box... $20.00”
”Electric Freight Oufit #41. Comprises No. 38 locomotive, and 1 each Nos. 112 Gondola, 113 Cattle Car, 114 Box Car, 116 Coal Car, 117 Caboose. [ track as per # 40 outfit above] ... Length of train 5ft 4 in. Price, packed in strong box with full directions for operating... $18.00”
No mention is made of colors in the 1917 catalog page.