Yes, but the semantics of participle phrases are determined by the agency/patiency relationships represented by the verbs from which they derive–by the way in which those verbs are transitive (or not). The problem for the OP is that this becomes hard to pin down when the modifier isn’t attributive (together with the noun villain), but rather predicative (as a separate phrase).
With more straight-forward structures, we can easily see, for example, how the difference between whether a person is bored or boring depends upon the agency-patiency (in this case, the subject/object relationship) of the verb bore.
The lecture bores me. => I’m bored // The lecture is boring.
(In this case, the lecture is the subject of the verb bore, me is the object.)
I bore my students. => I’m boring. // My students are bored.
(In this case, I is the subject of the verb, my students the object.)
And so a verb which is intransitive (i.e., which doesn’t take an object), can’t form a past participle adjective. For example you obviously can’t form a past participle adjective from the (intransitive) verb shine (meaning “to emit light”), as in this attributive example:
*The shone star appeared in the sky.
But you can form a present participle attributive adjective from it:
The shining star appeared in the sky., etc.
By the same token, when a verb is ALWAYS construed as transitive (or reflexive), such as disguise, then a LONE present participle adjective is non-grammatical. Such adjective forms are EITHER hyphenated with an object:
We used an error-disguising process to conceal the fault,
OR the object of the verb from which the adjective is derived is clear from context
The faults are almost always disguised by some trick, and the disguising trick is hard to identify.
Here, the object of the verb disguise is understood from context to be faults. (They’re fault-disguising tricks)
However, this kind of contextual cue doesn’t work in the OP’s examples, because the participle adjective phrases are being used predicatively and set apart. (I.e., disguising and disguised aren’t collocated with villain in the examples.) This is one reason to use the “who/which test” that Superhal mentions above.
By the way, this situation (using participle adjective phrases predicatively), is the circumstance which underlies some of the classic examples of misused modifiers that English-teacher-types constantly throw at civilians:
*Flying over the African landscape, the elephant herd looked magnificent.
*Covered in mustard and relish, I enjoyed the hot dog. *
and so on…