Following the logic in your two immediate if functions and assuming that you want every column that has fontunderline=.T. to appear in blue color, I came up with this psuedo do case. Hope it helps.

do case
   case recno()+ underline True
       .DynamicBackColor=lcRGBSelectedItem
       .DynamicForeColor=RGB(0,0,255)
   case recno() True + underline False
       .DynamicBackColor=lcRGBSelectedItem
       .DynamicForeColor=RGB(255,255,255)
   case recno() False + underline True
       .DynamicBackColor=RGB(255,255,255)
       .DynamicForeColor=RGB(0,0,255)
   case recno() False + underline False
       .DynamicBackColor=RGB(255,255,255)
       .DynamicForeColor=RGB(0,0,0)
endcase

You might want to look at http://www.logic-gem.com. They have a product called logic-gem that is a great tool for getting logical solutions. Only drawback that I see is that it is a DOS program.