My friend has a 1.9 server and he showed me this. Then when I accidentally did /kill @e when he wasn't on so I had to completely re-put them in. I put the armor stand into a hole and I couldn't fill it. So I used the /fill command and I got the hole to fill. Thanks for the tip, it is really helpful.
Not that I am aware of, would be nice but I am sure there will be a more technical answer to your question from someone who can explain about tags and minecraft data etc. But my basic understanding is that to have coloured text it requires a plugin and plugins cannot be read with the named armor stand data
Actually, it's possible to have colored text, even in 1.8.
For 1.8, you'd have to use an external program (such as MCEdit) to be able to have colored text.
However, in 1.9+, I believe you can simply add the ArmorStand to a team, provided that the team has a color assigned to it. Doing so will have the text show up in the team color.