To explicitly answer your second question, yes. Each effect that the Diamond board processes (e.g. idle, swing, stab, etc.) has its own build, so you can pick any sound and color pattern. These patterns repeat in a loop, so you can set the pulses however you like.
For example, you could take the Sith font and modify it so that, when you make the letter Z like Zorro, it stops playing the Sith hum and plays Happy Birthday wile cycling through the colors of the rainbow. Once the Happy Birthday wav file ended, it would return to the idle state and resume the Sith hum (I don't recommend doing this specific thing, because it would likely affect how committed to the Dark Side you looked
).