Creating Highlighting Styles??

I am marking some text using the highlighting options available.

Is it possible to create new styles of marking text or can we only use the options available?

For example, I would like to create a "purple underline," as it is not one of the options available.

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Yes you can

create a new palette

then add a new stytle

See this and the following sections on the wiki on creating your own pallets and creating your own highlight styles.

Screen shots from Logos 4 but should be the same for Logos 5.

On the previously referenced wiki page is a link to Mark Barnes Video: http://www.logosbiblesoftwaretraining.com/videos/highlighting/

He does a great job walking you through all of your options creating custom highlighting.