I’m trying to come up with a creative solution to give this particular effect:

My initial idea: A dynamically sized rectangle with a chroma key shader effect will slide into place over the text. However, I do not want to kill the fidelity of the text edges which tends to happen with shaders.
I also considered using the FormattedText class, though I’m not sure it supports what I’m trying to do.
Any suggestions?
EDIT
To clarify, the text will be essentially a ‘TabItem’. I would like the highlighted block to float across all tab items to the selected item. They are currently laid out in a Canvas with logic handling their positioning. A simple animation would not suffice it would seem.
This should give you the effect you want. This uses a gradient brush for the color, but it uses 3 gradient stops to make sure that the color changes immediately from one to the next with no gradient in between.