Ruling Multitype?

[Soul]

Does Arceus Lv.X's Multitype PokéBody get rid of the colorless type if a Water Arceus is under the Lv.X?

 

[King Arceus]

Poke-Body Multitype: Arceus LV.X's type is the same type as its previous Level.

Yes it does. It does not say it is the previous levels type in addition to its own.