No problem at all! You have to know the API’s exist to know what to search for. Hopefully it will be easier in the future.
As far as setting the color, this should work. Adjust as needed…
//after you set the item text place this code
if (itemData.status === 'SOME_CONDITION'){
let value = $item("#status").text;
$item("#status").html = "<p style='color: #FF0000;'>" + value + "</p>";
}