I have no idea how to change it’s color…
Had a problem similar to this not too long ago, but it was solved by going to Objects > Display > Object Color.
I’ve set the material to white, made it shadeless, I even tried Python, but it didn’t allow me to have a texture attached to the colored object.
Where did I go wrong?!
EDIT: Completely forgot to address my intentions - I want the text to be white, but for some odd reason it’s black. The ONLY way that works (so far) is switching the Blend Mode to ‘Mix’, which turns every other object in the scene shadeless… so that won’t work.