Dumb question, red underlining?

Is there any quick and easy way to get some color into the text, say like red underlines, or bolding = red?

Take a look at “text presets”. You can style your text the way you want it (red and bold, for instance), and then create a new preset from a selection of that text. You could also reassign the keyboard shortcut for bold to the new preset using the Mac OSX Keyboard preferences if you wanted to.

Note that in this context, this isn’t a “style”, in that updating the preset doesn’t change existing text that the preset was applied to.