What I want to be able to do is to set the cursor
color to the same as the forground color that is set
for that xterm.

From the man page.....

-cr color
 This option specifies the color to use for text cur-
 sor.   The  default  is  to  use the same foreground  <---
 color that is used for text.  <---

However this doesnt seem to be the case, it appears to default to black
or to whatever XTerm*cursorColor is set to.