I am about to improve my lecture slides from last semester. Specifically, I would like to add a fill-in-the-blank option. I found this code suggestion (from here):
\documentclass{article}
\usepackage{censor}
\censorruledepth=-.2ex
\censorruleheight=.1ex
%\StopCensoring
\begin{document}
An the answer is \xblackout{forty two}.
The beginning six words of the Gettysburg Address are \blackout{Four score and seven years ago}.
\end{document}
I think that will be a very good method (Thank you Steven B. Segletes). However, I believe that a little bit of fine tuning could tremendously improve the learning experience of my students. So here is what I am looking for:
In the non-blackout version of my document (presentation), I would like the text (that is blacked out for the students) to appear in color (say blue).
I believe that this would allow my audience to follow my talks much better, since no effort is wasted on determining which parts (from the presentations) have to be manually copied and which not - an additional visual cue.
My thought is:
From the Censor Documentation I realize that I can use \StopCensoring and
\RestartCensoring for switching between output options. How can I use the same switch to evoke colors. Something like:
\ifx{\RestartCensoring=True}
\then{\renewcommand{\blackout}[][text=blue]{\blackout}}
\else{Do noting}
\fi
I am certain that the syntax of my if statement is incorrect, but since I am not sure how to implement this "little trick", this is all I got at the moment. Any help or totally different approaches are very welcome. Thanks guys!

\renewcommand\blackout[1]{\textcolor{red}{#1}}at the end of the preamble to compile your presentation without becoming entangled in conditionals? For the student version you only need add a%at the beginning of this line to restore the original\blackoutcommand. – Fran Jan 05 '15 at 07:46