Not easily. You could put down separate copies of the radio button field, one for each radio button value. Then format them with different single value check boxes--each would have to specify a different value list of a single value.
Then your conditional formatting can be set up on each separate copy of this same field and it will work.
Thank you - sounds like a bit of legwork then!
One other method....
Make a duplicate layout for each Colored text string and switch to layout with the Conditional checking.