I have looked everywhere for this information and cannot find anything of use.

How can I change the color of the font used during bootup? Like, once booted up, you can change the font color with 'setterm', but how can I change the font color during the initial bootup?

Thanks in advance.

You can't change the color of the font that is used by the kernel messages. But you could alter the init scripts to turn on color for the messages from the init scripts themselves. Still, the output would be mixed during bootup since the kernel and init messages get mixed up -this is actually useful for figuring out where the message comes from.
Here's a list of a few standard ANSI colors which I use in several scripts I've written:

# ANSI COLORS
CRE=""
NORMAL=""
# RED: Failure or error message
RED=""
# GREEN: Success message
GREEN=""
# YELLOW: Warnings
YELLOW=""
# BLUE: Summary messages
BLUE=""
# CYAN: Current Process
CYAN=""

If you want to try it, you could open /etc/rc.d/rc.S and put aline like this
at the top:
echo ""
That will make all the ouput blue.
Then you can turn it back off in /etc/rc.d/rc.local with this:
echo ""