Is it possible to export colored or highlighted text into an xlsx file? Obviously exporting the text itself isn't an issue, but are there any advanced editing options available once that text is exported into the excel file? I've read through the instructions for scribe and it appears as if the only highlighting options that are available are for text that exists inside of FMP.

You can't keep the formatting set in filemaker, but scribe will maintain the formatting of the cell you are exporting to. You can create an excel template file with your text highlighting, bolding, cell coloring, and other formatting ahead of time and scribe will maintain the formatting of the cell that the text is being written to.