The code looks as compact as you could possibly make it but there could be improvements made.

First, the MsgBox question will recolour the entire document range if you ever choose yes because oRng wasn't redefined to limit itself to just the selection. You probably meant to use the selection {or ActiveDocument.Range(varParts(0), varParts(1))} instead of oRng in this line
oRng.Font.TextColor = wdColorBlack

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Andrew Lockton
Chrysalis Design, Melbourne Australia