You should be able to change text strings to almost anything imaginable by using a custom style.
Select:
text -> name -> styles -> custom
Then you need to enter the custom string under:
text -> name -> custom style
This should look something similar to this:
[Name:ClassColor]
If it does not work initially, then you may need to install DogTags (a wowace addon companion to pitbull). I say this because I have DogTags installed, but it shows as disabled.
Just try it out as I've outlined and if it doesn't work, go grab DogTags at
WowAce downloads
A list of the tags can be seen here:
http://www.wowace.com/wiki/DogTag-1.0/Tags