How to add 'font color' option to Buedit
You can enrich Bueditor by adding buttons to it. You can find some very well written documentation about how to add buttons to the editor in the official bueditor page.

After you have learned how to create buttons, you can use one of the already implemented buttons for text color. You can find a demo and the actual button code here.

The steps that I followed in a clean Drupal 7 installation:


Installed Bueditor
Navigated to Configuration - Content Authoring - Bueditor
Selected a random editor (e.g. Default) and hit "Edit"
Copied the 2 files from the second link in the library folder inside
modules/bueditor
Added the following lines in "Editor specific library files":

%BUEDITOR/library/bue.style.js

%BUEDITOR/library/bue.colorbox.css
I went to the bottom of the page, above the "Save Configuration" button and in the blank button I added a title (i.e. Color), in the "Content" field I added the code from the second link (the code that is marked as: "Button code" (simple copy and paste)
In the place of the icon I just wrote: Color
Now just hit: "Save configuration" and go to the bottom of the page and check in the demo editor how it works.