TPE

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Option Explicit

' Run this only on a COPY of your original presentation
Sub RunMeOnACOPYOnly()

Dim oSl As Slide
Dim oSh As Shape
Dim lFindColor As Long
Dim lChangeToColor As Long

' This sets the color we'll look for
lFindColor = RGB(255, 0, 0) ' Red
' This sets the color we'll change it to
lChangeToColor = RGB(255, 255, 255) ' white

With ActivePresentation
    For Each oSl In .Slides
        For Each oSh In oSl.Shapes
            If oSh.HasTextFrame Then
                If oSh.TextFrame.HasText Then
                    Call FixText(oSh, lFindColor, lChangeToColor)
                End If
            End If
        Next
    Next
End With

End Sub

Sub FixText(oSh As Shape, lFindColor As Long, lChangeToColor As Long)
    Dim x As Long
    Dim oSl As Slide

    Set oSl = oSh.Parent

    With oSh.TextFrame.TextRange
        For x = 1 To .Runs.Count
            If .Runs(x).Font.Color.RGB = lFindColor Then
                .Runs(x).Font.Color.RGB = lChangeToColor
                With oSl.Shapes.AddLine(.Runs(x).BoundLeft, _
                    .Runs(x).BoundTop + .Runs(x).BoundHeight, _
                    .Runs(x).BoundLeft + .Runs(x).BoundWidth, _
                    .Runs(x).BoundTop + .Runs(x).BoundHeight)
                    .Line.Visible = True
                    .Line.Weight = 2 ' points
                    .Line.ForeColor.RGB = RGB(0, 0, 0)
                End With
            End If
        Next
    End With
End Sub