Thanks again Michael and CCStone, after searching for the answer for quite a while I found your post on macscripter which embarrassingly pointed me back to a post ccstone had already given me embedded in another question.
tell application "Microsoft Excel"
tell active window
set color of font object of selection to {255, 0, 0}
end tell
end tell
With the wuzzle from you both.
tell application "Microsoft Excel"
set oActiveCell to active cell -- Returns the currentlly selected cell
tell oActiveCell
set value to "TEST Using Tell Cell"
end tell
tell active window
set name of font object of selection to "Arial"
set color of font object of selection to {255, 0, 0}
set font size of font object of selection to 12
set bold of font object of selection to false
set strikethrough of font object of selection to false
set underline of font object of selection to underline style none
end tell
end tell