I read somewhere else that a hash function would be a good way of differentiating the colors (and would make words that are very similar or misspelled stand out from one another).
So, that being said, I have about 3 weeks of Clojure experience and maybe a month and a half of LT experience (none of which is in plugin development). If someone else wants to take this and run with it, more power to 'em and I'll help out where I can. Otherwise, I'll start poking around and see what I can do with it.
Any helpful hints about where to start with changing how LT colorizes text?
Bryan