i think you can use represent on this 
e.g.
*for reference link :*
db.employee.bank.represent = lambda bank, field: \
A(bank.bank, _title=T("eBanking"), _target="_blank", _href="%s" % 
bank.ebanking) if bank else ''

*for colored value*
db.product.status.represent = lambda status, field: 
SPAN(product_status[status], _class = 'text-success' if status == 'Sold' 
else 'text-warning' if status == 'Hold' else 'text-error')

best regards,
stifan

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