No you cannot dynamically format result set text in Query Analyzer or any other direct SQL tool that I am aware of. If this is that important to you and you are using SQL 2000 I would use Reporting Services and run the scripts there as the report data source(s) and then use Reporting Service to format the results.
If you don't have 2000 then you would need to write some kind of UI that runs the scripts and does the formatting. Or I think you could use a Job that mails you the results in HTML format and you could embed HTML tags in your results.
Basically SQL is a data language and does not do formatting, that's what GUI's are for.