You can have different colors, but not different fonts. That's in the Track
Changes Options dialog. The quickest way to get there is to right-click the
letters TRK in the status bar at the bottom of the screen and choose Options
from the menu.
In the color dropdowns, one of the choices is "By Author". You can choose
that separately for insertions and for deletions.
And to head off the inevitable question, no, you can't determine which color
Word chooses for which author, and the choice may change from one computer
to another.
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