Change color of a text display

Is there any easy way to add different colors to text displays on the fly? For example, I have a trigger that sends a message to every player which includes the name of some other player in its text. I'd like to make the player's name the color of that player.

I know in tooltips and things you can do nifty stuff like |c0000ffff blah blah blah |r... can you do this in text displays? If so, is there a way to convert a player's color property into the "cffffffff" numbers? If there's no direct conversion, does anybody know what those numbers are so I can do a comparison like the following?

If PlayerColor = Red then set String = String + |c[red numbers] + Playername + |r

I don't know all the color codes that are the same as player colors, but yes, that is what you can do to get colored text.