I would find it useful to have a selected area of text in word be a certain color. Then if I choose to edit from start to finish within that selected area, I would be able to edit the text automatically using another color without having to select it in the font color button.

I have my studying structured through a template to have a questions portion, and using cross references and bookmarks, I have placed the questions in the answers portion. I can use Ctrl-Shift-F9 to unlink the text after it gets placed in the second area below, but I also want the answers portion to do what I have described above.

Would an approach using macros or field formatting be a viability?

take a look at character styles?