Mixing <b> and <font> tags in html text

I have a dynamic text field using arial font embedded. Dummy italic and bold text fields have been placed off screen - the text field is showing up as it should when I use those tags. However, if I want to throw a <font color> tag in there, it doesn’t work if I have a <b> or <i> in the same text field. If I have the <font color> tag on its own, it works ok.

Basically, I’m after doing something like this within htmlText : [COLOR=Red]red italic[/COLOR] and [COLOR=RoyalBlue]blue bold[/COLOR] text in the same line.

Any suggestions how to get this working properly?