LSM is well suited for learning / rating / categorizing text (think about spam filtering). The LSMSmartCategorizer example shows how to train and use the LSM card against news feeds.
You can also try using NSRegularExpression / NSDataDetector (available starting with Lion). They are designed to enter text. Once matches are available, iterate (using a custom block) on the result and make some changes to the highlight or style.
Hope this helps.
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