Take the soure text(above, or from where ever) copy it, dump it into a word processor (word, word perfect, what ever) and then from edit use find and replace..
find <font color= and replace with [
find > and replace with ]
finc </font color= and replace with [
(wierd, it won't bold the < or > signs!)

It should be pretty quick...

for fast colors, type out (in word pad or some simple text editor)
{red} {/red} (with square brackets, i forget the code.)
and repeat for all the colors...save the file, and open it when ever you want to use a lot of color.

then you can copy and paste the code and just drop the letters into the space..

(i do it line by line, and then edit out the spaces..)
{red}C{/red}
{blue}o{/blue}
{green}l{/green}
{orange}o{/orange}
{purple}r{/purple}

is how i enter the text, and
then I use delete to delete the unseen, but still there "enter" at the end of each line,, press End, to get to the end of the string, , delete, and so on...
{red}C{/red}{blue}o{/blue}green}l{/green}{orange}o{/orange}{purple}r{/purple}
to get Color