Yes, you can change the point color but you will need to do it point by point in the QS frame editor. You will probably need to freehand tool to draw the square so it has all those points; otherwise you will only have a 4 point square. I suspect if you drew a freehand square in the editor, closed it to save it to a cue, then applied an effect like Bob is showing, or something like in the attachment, you would get what you are wanting. To get it to open like that in the frame editor I think you would need to export the cue out to .LDS, then import it back in so the effect will be combined with the frame and the colored points visible in the frame editor.
I will need to research wether the "italics" or "bold" font options are looked at by our text editor.