I don't really think that the maroon is such a big deal, simply because the user's already read the text by the time they've moused-over. Sure, it's not really easy to read, but, it's clear enough, and they still have the text outline in their mind from before they moused-over.
The main reason I was saying to use the old menu is simply because it looks good and because it gives the site a more professional feel.
Have you used Adobe Photoshop? It's an invaluable tool for a designer. Although it costs around $400-$500 (
I don't think I could design well at all without it. Tucows has a demo for the 6.0 version. It's not as good as their new one, and some of the features are disabled, but it can give you an idea of what it's like:
See if you know someone who can get a student discount on it for you. It's a great tool. And it's not terribly hard to learn how to use, considering how many tutorials there are for it.
I think that Fireworks is able to make transparent gifs, too, but I never use it.
Even so, transparent gifs most likely wouldn't work for the multiple color schemes, because they can't do partial transparency (like you'd need for the top part of the logo). You could still use stylesheets, though. Just set the logo as a background image, specifying the width and height, and have the stylesheet load the right image depending on which stylesheet's used.
Rick