You can't do this directly in the HUD config, but there is a workaround that should allow you to do it.
You could create a Custom Statistic (
Documentation) based on the value of whatever statistic you like, but rather than showing the stat's value, display whatever you want to be colour coded (e.g. "VP" if you are basing it on VP$IP). i.e. on the Format section / Value Expression.
Then on the Colors tab you can set color ranges based on the value of the stat however you want. If you check 'HUD' here then the colours will be used on the HUD.