HTML Code in a drop-down

I'm trying add a little emphasis to a filed in my view by making the status text (red, yellow, green) ACTUALLY show in the appropriate color.

In the drop-down, I gave the option using HTML (e.g. for green, the option in the drop-down is: <FONT COLOR="#006600">GREEN</FONT>).

I thought it worked, but here's what happens. The first time you add a record then go to the view - the text shows up in the correct color (the word "green" is colored green). However, if you try to edit the record, it won't even allow you to change to a different option - that is - you can SELECT red or yellow, but it stays green (text and color).

I've tried this with different color/text options selected when I create the record and each time, the initial add works but editing does not.

Any thoughts on what is happening and how to make this work on edit?