Format text colors and backgrounds in Multi select field

I want to add a specific color and background to each individual choice in a multi-select text formula field.   
All the choices would have a unique text/background assigned/formatted to it. Therefore when a selections is made it display whatever formatting that has been assigned.

For example:

Pending payment - green background and red text
Closed - black background and white text
Inactive -  orange background and purple text

Would this be an If or Case function?

Thanks

------------------------------
Kelly Lyons
------------------------------