Hello Chittybang,
If you take the trouble, you can do it. I have, after reading your post, tried a little experimentation. I have found a way in which you can get the desired change in the color of a single word of your sentence with this rider: this method works when your precious and uniquely colored sentence happens to be the last word of a sinle-line text.
Step 1 is to place your title on the timeline and type in the text choosing the specific color in which you want your desired word to appear.
Step 1a is to place a second title right upon the first one.
Step 2 is to enter your entire text onto this second title and then delete, in our experiment, the last word.
When you now play the movie, you can rejoice when you see your lovely colored word! [step3].
So Chittbang, you can bang playfully upon your FXPX now and achieve what you want. I have showed you that it is possible in this situation where the word is at the end of the text. If your word is elsewhere, you have to put in more of creative efforts to get the job done.
Have made a screen recording but do not know how to send them to you. 



Eureka! Have sent them to you via dropbox by which this is the first 'package' being sent! You happen to be my first 'dropbox-aided'recipient.
The first screen shot is STEP1a...it shows the two titles placed one above another;
The second shot is STEP 1...I have typed out these words in white [shown in this shot] and later modified the color of the text to violet.
The third shot is STEP 2...I have typed out the same words of the text but have deleted the final word.
The the fourth shot is STEP 3...here you can see 'my precious WORD'... 'FOOL' at the end of MARY IS NOT ALWAYS A...Can you see that word? If you carefully look at it you may get to see. However, to allow you to view it better, I have done a slight change...I changed the background of one title bar from black to white. I have captured the change as a step 4 and here is its screenshot:

Hope this helps!
DR.SOMANNA