The alternative above matches the format of help.txt, except that the latter has the colors lined up.  The excessive addition of whitespace here was an argument against replacing help.txt with help.html (#16893).  I consider the proposed condensation to be most of a fix of a regression.

This sentence, "To change the color scheme, edit the [Colors] section in config.txt.", is strange in that it for help.txt, it was changed in 2002-12-11 to refer to the Highlights tab of the Configure dialog.  In any case, the color list was added before that tab, but not seems not necessary.  As a 'repeat', it is subject to obsolescence if not updated, which it has not been.  So I think we should either drop the section or drop the colors and replace with a better description of what is being replaced.

2.4. Text and Syntax colors 

Text is both editor and shell windows get color coded. The coloring is applied in the background, so you may occasionally see uncolor text.  To change the color scheme, use the Configure IDLE dialog, Highlighting tab.

Colors can be set for the follow types of text. 

Python syntax in both editor and shell: normal code, keywords, builtin class and function names, user-defined class and function names, strings, and comments.

Shell output: console output, console error text, user output, and user error output and tracebacks. 
 
Other text: cursor, selected text, and text found by search.  

Debugger breakpoint lines in the editor are indicated by a dark yellow background (not configurable).
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Note: I believe the marking of found text is OS dependent and know that it is the subject of discussion in other issues, so this part needs elaboration.