Hi Oliver, welcome to the forums. 
That's possible for sure, I simplified the snippet and customized it to your needs as follows:
[code]<p style="color: {formmenu: default=Red; Orange; Yellow; Green; Blue; name=color; formatter=(value) -> lower(value)};">"{formparagraph: name=text; default=; cols=60; rows=7}"</p>[/code]
As the form may look a bit confusing to the analysts, I enabled the "quick entry" option for that snippet.
Please let me know if you need more help on this.