@Godisawesome: Yes, using a "clean" version of KJV is probably a good solution for now.
Regarding your color-experiments, I would recommend not recommend putting formatting tag inside the brackets, since that will make confuse the "layout calculator" which then inserts dashes and in your tests... The best solution would be to integrate it into the themes, but unfortunately I don't have the time to do that now.
The "#ColorChords" tag in SongBeamer is not imported into OpenLP, since OpenLP does not allow specific formatting to be set on each song. In OpenLP we use themes and songs can be linked to themes instead, but not during import.
The colorama python packages is not applicable here, since it is meant for console output, while OpenLP relies in HTML rendering.