This would be a client-side option.
If that's referring to me, then I mean that the client-side option would only apply to names and player messages. :|
Well I made a edited file that removed the extra fonts, but not colours. Colours would have to be done in-game.. for me the fonts are the most annoying.
Actually, you can edit the image that sets the colors, too. I thing somebody already did that somewhere on the forums. Problem is, it disables ALL colors, not just the ones in names/chat text.