AdminCP > User Profile Fields > Add New User Profile Field
Profile Field Type: Single-Selection Menu
Title: Font Color
Description: Select the color you would like the font displayed in.
Options:
(Whatever your colors are, separated by a carriage return)
Set Default: Yes, but No First Blank Option
Field Searchable on Members List: No
Show on Members List: No
Save.
Now, in the User Profile Manager you will see your new profile field listed. Under the "name" column, you'll see a field number (ie. field12). Find (and note) the field number for the field you added.
Now, I don't know how you currently implement your font colors -- whether you hardcoded <font>, <span>, etc. tags or if you're doing it via CSS (which is preferred) -- but you can then simply add the conditional:
HTML Code:
<if condition="$bbuserinfo[fieldXX] == 'Red'">font-color: #AAAAAA;<else />font-color: #BBBBBB;</if>
Modify that however you see fit, but that's the gist of it.
Users would then be able to select it in their UserCP under Profile Options. New users would be asked during registration as well.