Allow Undo (Ctrl+Z) for highlighting
Undo the most recently applied formatting. This is different from Erase where you'd have to select again the text that was highlighted and click a button. Ctrl+Z should just do the most recently applied highlighting wherever it is, and you should be able to do multiple Undos.

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Rosie Perera commented
Please move your votes from this one to the other one so we get more clout. Sorry for creating a redundant suggestion in advance. If only I could have been a prophet and known that a more popular choice would be posted nearly three years later. Mine was purer, but whatever; I concede.
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Topher W commented
I believe this is the same idea as posted here: http://logos.uservoice.com/forums/42823-logos-bible-software-5/suggestions/3338912-improve-the-highlighting-function-bolder-color-e