So if I give you an outline you can code it? And we can help you along the way.
Get you selection set
Step through the selection set
- Check if the block name has been changed yet
- If not, prompt for string to replace, and color to change it
- Step through the block definition, and when you find a text/mtext entity, change it per user information
That is how I would do if it you want a selection set action. You could switch the two options if it hasn't been changed yet if there are more than one text/mtext entity per block definition.