You could create a macro to convert red text to revision tracked deletions and text that is blue to be revision tracked as inserted. However it is not particularly efficient and not really worth the time it would take to create.

The concept of such a macro would be two parts:
Turn on Revision tracking
Run a find and replace for red text and replace it with nothing (ie delete it)
Turn off Revision Tracking

Start a loop
Turn off Revision tracking
Find blue text
If found, cut it from the document
Turn on Revision Tracking
Paste back into same position
Repeat Loop

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Andrew Lockton
Chrysalis Design, Melbourne Australia