IMHO, the best way to do this is to create different styles and matching clips for each color:
1. Create a red style, as Maui suggested.
2. Open the Clip Editor (CTRL+ALT+C) and create a clip with Red as the name value and <span class="red">\1</span> as the text value. (\1 is a placeholder for selected text.)
3. Display the Clip Bar toolbar.
4. Select text and click the Red button in the Clip Bar.
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