It is, and in fact as you were probably typing that up I looked at a post regarding the loaderinfo and broke it down into varibles as you demonstrated, except I only wanted to change one. Then used the loaderinfo and a few other small routines to check for the varibles externally and replace them internally if present. It worked like a charm. Here is the new code for others.
I put in a default color. Then an IF statement to use the default if an external wasn't present. if one was, it will load that instead. the final product is 'myflashvars' and that contains the information parsed later. You can name it anything.
var myflashvars:Object = new Object()
var datcolor = "0xFFFFFF"
myflashvars = datcolor;
myflashvars = this.loaderInfo.parameters.datcolor;
myTextField_txt.defaultTextFormat = new TextFormat("monotype", 16, myflashvars, true);
And of course, it could be expanded upon to adjust all variables. Thank you for your time! Hopefully this helps someone else! Now on to figure out changing the color of the text tool additions externally.