Is there a way to globally change the formatting of in-text cross references? For instance, I need to make sure that the label and number (eg, Table 1) stay on the same line and that they are all blue.

Unless you use a specified Style for the cross-references (or edit every cross-reference to add the required formatting to the field code, plus a \* Charformat switch) and put them on their own lines, there is no way to ensure the colouring and line wrapping remains what you require.

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Cheers,
Paul Edstein
[Fmr MS MVP - Word]