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Is there any recognized standard of colour choice? Is there a colloquial colour usage?
No, there are no standardized uses on the site as a whole. Some GMs have their own preferences that they institute across games, some request that their players not use colored text, and some let their players do what they will.
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i.e. each character's spoken text is represented by a different colour (i chose red for my fighter/warrior/angry-dude type character in a game recently)
It's been my experience that most people try to coordinate their colors in game if they use colored speech, unless the GM decrees something. For instance, if Player 1 uses 'blue', player 2 may use 'red' and player 3 may use 'green' but that's up to them and their GM.
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i.e. a player's underlying mood is represented by colour (cool, calm - blue / angry - red etc)
I've never seen it used that way, but there's no reason it couldn't be.
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i.e. OOC text within gameplay threads as always orange?
I think this is a reflection of 'orange' being the color of system messages and moderator messages, but I could be wrong about that.
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thoughts? trends? tendencies? how is colour used on rpol? could it be used more effectively?
Color is used however the GM's / players want. Could it be used more effectively -- certainly, but not without sacrificing the freedom of GMs and players to play the way they want. That would go against the spirit of RPoL, so I do not expect it ever to be implemented, no matter how effective it might seem.
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also while i'm at it - do folks tend to post in-game using past-tense or present-tense? I find this interesting too, and discordant when a game's players write in different tenses.
This is personal preference. Based on what I've seen, though, past tense third person seems to be the most popular.
I'd rank it (just based on my own observations) as:
past tense, third person
present tense, third person
present tense, first person
past tense, first person