...assign sane meanings to all of them for this purpose...
The whole reason for formatting codes is that there's one standard way to do so (look at the echo command, or C output codes, perl, python etc)so that everyone can read and write the SAME thing.
set color <c1; 100909>
set color <c2; FF0909>
set formatter <f1; |c1|b>
set formatter <f2; |c1|xb>
...
msg <|f2Joe: |f1Hello.>
style <name1; \f\h\*[a1a1a1] >
style <name2; \f\h\*[b2b2b2]>msg <default \s[name1]style is now name1 \s[name2]style has changed again!\B This is in bold\b - and this isn't.>
set string <default; |cb|xb|xi|xu|s0>
set string <style1; |cr|s2|b>