It depends whether you are talking about the literal meaning or the figurative meanings. Literally, "colorful" expresses the presence of colors "bright" expresses the reflection of lots of light "lively" refers to visual interest - Wow! appeal Figuratively, they can all mean the same thing. There is a lot of overlap in the way these words are actually used. For instance, something can be "colorful" without containing any actual color at all. "Colorful" is sometimes used as a synonym for "imaginative". Likewise, "bright" sometimes is used to describe something that doesn't reflect light at all. For instance, someone can have a "bright" personality. When talking about a shirt, you probably would be sticking closer to the literal meanings. But who knows? With language you can do almost anything you please.

So, using "lively" isn't necessarily about the color, though it probably is. A lively shirt could have hundreds of black and white stick figures doing gymnastics. I think that would qualify for a lively shirt. "Bright" could just be a shirt that is in any one vibrant color, like neon yellow. "Colorful" entails multiple colors. This is my understanding anyway. And a shirt that is one could easily be all three. For example, if those stick figures were all different neon colors. I wouldn't advise wearing a shirt like this, because you might make people dizzy. haha.