There is a setting under your options menu that will allow you to eliminate the colors completely or change them if you want.

First you will need to open your Options menu and go to the TazUO Specific tab as shown in this pic.
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Once there go to the Tooltips tab. Then you need to click on the Tooltip Override Settings which will bring up this gump.

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In this gump you can either delete the overrides completely or change the color where the color name is at.