There's already pre-made paperwork available in the request consoles, although it is not possible for players to add items themselves.
I don't think I have ever seen anyone actually use the table pencode tags, and I don't think it entirely makes sense for you to be able to change the color of paper with a pen (although it would be feasible when printing from a console).
As for text colors, this is already possible with colored pens, although they can be hard to find.
The idea of adding fonts (to consoles) and abbreviations is an interesting one, however.