1) If you can give me full set of images, max 200 photos (4 frame colors x 5 accessoiries colors x 2 cushions styles x 5 cushions colors), and description of each image (color name of every item), I do not see significant problems. I can implement configuration tool part for your website with PHP, JavaScript, etc, or standalone Mac or PC application, not ipad application. I can implement admin part, where you can upload new photos, set new colors.
2) But if you can't give me full set of images and I will need to convert/combine your photos to get final result, generate images myself, generate them in the script on the fly, then I'm not sure, I'm not ready to do that.
I see that frame may be different. One has armrest, other does not have. May be you have a lot more options than 200, may be thousands. In this case my approach #1 is not suitable, of course.