Sure. What you seem to asking about are Styles. You can set up any number of characteristics as a named Style, assign a keyboard shortcut to it and away you go.

So say you make a Character Style named MyGreenUnder (but you can name it anything like), with it being bold, underlined, italic and green. Assign Control-Q to it. Now anything you select can be made bold, underlined, italics...and green simply by pressing Control-Q.