Still interest in a Colored Username mod?

[MrEyes]

Sounds like a nice mod, couple of questions though:

1) Is this an user driven option? For example, can a user via their usercp select the colour that their username is displayed in?

2) Can certain colours be restricted, for example I currently display Admins and Mod in Red. It would be good if this colour was not an option to normal users

3) Does it support other text styles (like bold, italic etc)