I'm using the coloured underlining trick described in the ulem package manual (p.3). The underlining looks good, but interacts poorly with align-like environments, where (in contrast to \uline) it affects the height of the row:
It is possible to have a version of \reduline that, modulo colour, behaves as \uline?
\documentclass{article}
\usepackage{amsmath}
\usepackage{ulem}
\usepackage{xcolor}
\newcommand\reduline{\bgroup\markoverwith{\textcolor{red}{\rule[-0.5ex]{2pt}{0.4pt}}}\ULon}
\begin{document}
\begin{align*}
\uline{ABCD} + EFGH \\
\reduline{ABCD} + EFGH \\
ABCD + EFGH
\end{align*}
\end{document}


