Is there any tool that does both, colorize and filtering lines to suppress form output by regex?
You can pipe tail to grep to suppress line output with regex.
Grep can alternatively colorize the parts that match the regex, makes finding a pattern in a log file easier.
Colorizing it by regex might be interesting though.
multitail does exactly what you're asking for and a whole lot more inside an ncurses interface.
multitail (at least on Ubuntu 10.04) ships with a well populated sample config file that will provide nice coloring on most system logs out of the box. A simpler quick-start version of a multitailrc would look like this:
defaultcscheme:foo colorscheme:foo:all my foo messages cs_re_s:red,white,bold/blink:([^:]*): says foo! cs_re:green:.*: says foo! cs_re:cyan:.*: says bar # filter out the baz lines with this filterscheme filterscheme:foo:gets rid of the baz rule:ev:.*: says baz usefilterscheme:foo:/var/log/foo
This should get you started with multitail. If you want to get more fancy, take a look through the sample one provided with it and/or the docs.
I tend to use a combination of