Hi Andy,
No, the header and footer properties can only contain text, and the in-line formatting codes do not include color. All the work-arounds I know of are a bit unwieldy, but can be done. The most obvious work-around would be to use rows on the spreadsheet for header/footer text. This obviously won't work for other types of sheets, however. A work-around that works for both worksheets and chart sheets is to use a TextBox (not a textbox control, the the TextBox Shape object on the Drawing toolbar) for each header and footer. It would be possible to write a macro to automatically position these at the top and bottom of each page based on the pagebreak row so that things would continue to be printed properly even if the sheet is changed (e.g., number of rows, rowheights).
Good luck.
Damon