There is a very good article in "Inside Sesame" newsletter in January issue about how you redesign the form after doing initial translation of QA database. It comes all crumbled up in all blue, so you have to increase the vertical spacing first.

For changing the color of the labels of the layout elements, Choose all the elements by rubber-bending, or select by Shift + Clicking on each element until all of them are selected.  After selecting all element, goto Propery Editor and choose Label for set and then choose the color.  This will change the color of all the letters in the labels of elements. The back/fill color will be the same as the back/fill color of the form, that you can change by having cursor anywhere on the form but on layout element and set as back/fill and then choose the color.

In static text, you could have different back/fill color. I hope this will help.

I use the method Bharat_Naik described with great results. At the same time I like to use the text tab in the property editor and set the font size and style of the label and text at the same time while I have my elements selected.