I guess you could try something like this
PHP Code:
require_once(DIR . '/includes/class_bbcode.php');
$newUserTitle = $post['usertitle'];
//Use [c] for [color], it will save some characters from the usertitle limit.
$newUserTitle = preg_replace('#\[c(.*?)\](.*?)\[\/c\]#','[color\1]\2[/color]',$newUserTitle);
$bbcode_parserx = new vB_BbCodeParser($vbulletin, fetch_tag_list());
$newUserTitle = $bbcode_parserx->do_parse($newUserTitle , true, false, true , false, false, false);
$post['usertitle'] = $newUserTitle;
You could use hooks like:
postbit_display_complete
profile_complete
etc...
The hook will change according to the location you want to enable it.
I'm not sure if this is going to work, as I haven't tried but please post your results here after testing.