Fixed bug with space removal sed statement

* If there was a space after the highlighted word (regex matched word), the spaces after this word/phrase would also be removed
* This is because it was matching just the very end of the color change markup, and since the highlighted word also ends with these it removed its spaces as well **if** there was no space at the beginning of that particular line
* Improved the check to look for multiple color changes and only remove spaces after the ":" character
Made code prettier, split main command into lines