Q: How can I change the color of a Text menu items, when the user roll-over a menu item.

A: The text format can be changed form the xml file, for each of the menu items' states. All this information is found in the <styles> node of the xml file. You can specify different styles for the menu items and each style defines the assets and text format that will be used by the corresponding menu item. In case of the menu's default skin, the <styles> node contains linkage ids for the assets used and the text format for each menu item. You can look at the .xml to see how the different text formats are applied. For more information on the .xml file, read this documentation page. There you can find two examples of .xml files for the menu.
Files: ATM_changeTextColor.zip