I am not so experienced with ver10.
In the old days a calculated field could be setup as no borders transparent and big RED text.
This calc field would sit on top of the field with drop down menu.
The field would use a case statement to fill in text only if certain choices in the underlying field is selected.
I am sure there are more sophicated ways these days.
If you want to format what text looks like while the value list is popped up or dropped down, sorry no can do. Best I can suggest is to make the text all caps and put it at the top of the list with a list separator to keep it separate from the other items in the value list.
If you want the text to be a different color after you select it and exit the field, use a conditional format to change the text color red if the value selected is one of the "high" items.
That worked fine. I did not need it to show colors in the actual Value List, just in the record.
What bugs me is that neither book had any index item or cross-reference for text color to conditional formatting. Now, it makes sense.