Rainbow Text [Terraria Style]

[djDarkX]

So, I was wondering if this was possible. I wanted to know if a plugin could be made that could change the color of a certain tier of armor/weapons/items, using an escape code or note tag in the database editor for the item in question, that would cycle through colors either hardcoded or defined by the developer. It would look like this:

So, is this possible and if so, could someone be kind enough to provide such a plugin? Thanks for taking time to read and consider this request!