Hi.
Depending on what you want it to be able to do, it would or would not be possible.
Things like font size, postion left/centr/right, bold/italic/etc, colors.
For coloring only certain characters and not a whole line, you will need to use TextMeshPro.
You will also need arrays for the text lines / text setup.
But text checking grammar is not possible out of the box.
There might be some API's available to use but you would need some coding to use the api with playmaker/unity